Image: Oskar Kadaksoo, Unsplash
Total Energies has agreed to the acquisition of German renewable energy developer VSB Group from Swiss asset manager Partners Group.
The transaction, worth €1.57 billion ($1.65 billion) in equity value and shareholder loans, remains subject to the approval of the applicable merger control authorities.
VSB has more than 475 MW of sustainable energy capacity in operation or under construction, the majority of which is in Germany and France. It has a further 18 GW of wind, solar and battery storage technologies in the pipeline, mainly in Germany, Poland and France.
“In line with our strategy, these transactions will enable us to optimize our capital allocation in renewable energy sources and contribute to improving the profitability of our Integrated Power activities.” says Stéphane Michel, President of Gas, Renewables and Power at TotalEnergies. “We welcome the 500 employees of VSB Group and their leading onshore wind expertise in the European markets.”
TotalEnergies has also signed an agreement with funds managed by asset manager Apollo to sell 50% of a 2 GW portfolio of solar and battery energy storage systems in Texas.
The transaction will provide TotalEnergies with $800 million in cash, consisting of $550 million of Apollo equity and $250 million of shareholder loan refinancing.
TotalEnergies currently has 24 GW gross installed sustainable capacity. The company has set a target of adding 11 GW next year, reaching 100 GW by 2030.
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