TotalEnergies acquires German renewables player for €1.57 billion

Germany

BERLIN, December 4, 2024 – TotalEnergies has acquired German-based renewable energy developer VSB Group for EUR 1.57 billion, the French multi-energy player said on Wednesday.

The acquisition from Swiss asset manager Partners Group was announced in tandem with a divestment of 50% of a 2-GW portfolio of solar and battery energy storage systems (BESS) projects in Texas.

The company expects to take in USD 800 million from the sale.

A TotalEnergies official said the dual transactions were meant to “optimise [the company’s] capital allocation in renewables.”

The company hailed VSB as a European leader in renewables, noting it has over 475 MW of renewable capacity in operation or under construction mainly in Germany and France, and a pipeline of 18 GW of wind, solar and battery storage technologies mainly across Germany, Poland and France.

The acquisition also “complements the recent acquisitions of battery storage developer Kyon Energy and energy manager Quadra Energy, as well as TotalEnergies’ major offshore wind positions in northern Germany,” the company said.