The French oil and gas group TotalEnergies has acquired the German renewable energy project developer VSB Group from the Swiss asset manager Partners Group for a consideration of €1.57bn (including equity value and shareholder loan) and has sold 50% of its portfolio of solar and battery electricity storage systems (BESS) projects located in Texas (US).
VSB is a leader in renewable energies in Europe, with more than 475 MW of renewable capacity in operation or under construction (mainly in Germany and France), as well as a 18 GW pipeline of wind, solar and battery storage technologies (mainly in Germany, Poland and France).
The partial sale of its Texas portfolio is expected to bring US$800m in cash to TotalEnergies; the French group will retain a 50% stake and remain the operator of the assets (Danish Fields, Cottonwood, and Hill Solar I). However, the deal remains subject to the approval of the relevant authorities.