TotalEnergies has reached an agreement with Partners Group for the acquisition of VSB Group, a developer of renewable energy projects based in Germany, for an amount of 1.57 billion euros. On the other hand, the company also divests 50% of a project portfolio for 2 GW of solar energy and storage with funds managed by Apollo. This transaction will provide $800 million in cash to TotalEnergies (550 million in Apollo equity and $250 million in refinancing of shareholder loans).
VSB, with almost 30 years of experience, has 500 employees and a notable track record in the development of onshore wind farms throughout Europe (more than 2 GW of developed capacity). VSB has more than 475 MW of renewable capacity in operation or under construction, primarily in Germany and France, and a portfolio of 18 GW of wind, solar and battery storage technologies, primarily in Germany, Poland and France.
This complements recent acquisitions of battery storage developer Kyon Energy and energy manager Quadra Energy, as well as TotalEnergies’ significant offshore wind positions in northern Germany. Furthermore, this operation will reinforce TotalEnergies’ third position in the renewable energy sector in France.
On the other hand, in the US it is emerging from a portfolio that consists of three solar projects with a total capacity of 1.7 GW, and two battery storage projects with a capacity of 300 MW. Following this transaction subject to certain suspensive conditions, TotalEnergies will retain a 50% interest and will continue to be the operator of the assets.
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