TotalEnergies Signed Agreement to Purchase German Renewable Energy Firm

SEATTLE (Oil Monster): According to a corporate news release, French energy giant TotalEnergies reached a deal with Swiss asset manager Partners Group to acquire German renewable energy project developer VSB Group for a total payment of €1.57 billion. The transaction's conclusion is contingent upon obtaining the required regulatory clearances.

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In addition to a pipeline of 18 GW of wind, solar, and battery storage technologies primarily in Germany, Poland, and France, VSB has nearly three decades of experience and more than 475 MW of renewable capacity in service or under construction, mostly in Germany and France. With more than 2 GW of developed capacity, the firm has been a prominent developer of onshore wind farms throughout Europe.

The transaction's conclusion will improve Germany's TotalEnergies Integrated Power value chain. The deal will also strengthen the company's dominant position in France's renewable energy market.

In addition, TotalEnergies agreed to sell 50% of a portfolio of 2 GW solar and battery energy storage systems (BESS) projects in Texas, which should generate $800 million in cash for the company.