Image: Jadon Kelly, 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 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 located in Germany and France. It has a further 18 GW of wind, solar and battery storage technologies in the pipeline in countries including 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 energy 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 Apollo-managed funds to sell 50% of a 2 GW portfolio of solar and battery energy storage projects 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 of gross installed renewable capacity and aims to add 11 GW by 2025, with plans to reach 100 GW by 2030.
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