Total Energies Acquires VSB Group For Billions
Dresden, Germany / Zug, Switzerland / Paris, France - A big bang in the renewable energy industry in Germany. As part of its strategic transformation into a multi-energy producer, the French energy group Total Energies is acquiring 100 percent of the VSB Group. In addition, Total Energies has sold a 50 percent stake in solar and battery storage projects with a capacity of 2,000 MW in Texas.
Partnership with VSB reflects: Renewable energies are the new standard
The agreement signed between the French energy company Total Energies and VSB provides for the full takeover of the VSB Group from the previous majority shareholder Partners Group and the VSB founder. According to Total Energies, the purchase price is EUR 1.57 billion (equity value and shareholder loan). The Dresden-based project developer VSB is one of the leading European platforms for renewable energies with a project pipeline of more than 18,000 MW (18 GW) for wind energy, photovoltaics and battery storage as well as more than 475 MW in own operation (IPP).
The VSB Group will contribute its many years of expertise in the development of renewable energies in six European energy markets and its reputation to the partnership. At the same time, the VSB Group will benefit from the financial strength, global network and strategic positioning of the French energy group.
"Renewable Energy is the new normal. The pivotal change in global energy production is clear in this new partnership. TotalEnergies´ global impact, with the ambitious goal of 100 gigawatts of renewable energy capacity by 2030, combined with VSB´s capability to deliver over 5 gigawatts production and storage assets in the next few years in Europe alone, is a giant step towards making those ambitions a reality. Our common mission is to build and operate as many gigawatts of wind-, solar, and storage assets, as efficiently as possible as fast as possible,” says VSB CEO Dr. Felix Grolman.
“We are very pleased to welcome the 500 employees of VSB Group and their leading onshore wind expertise in European markets. Their competences and assets will contribute to the development of our Integrated Power strategy in Europe, and notably in Germany,” said Stéphane Michel, President of Gas, Renewables and Power at Total Energies.
The VSB acquisition complements the recent Total Energies acquisitions of Kyon Energy, a developer of BESS, and Quadra Energy, an energy manager, as well as Total Energies' large offshore wind projects in the North and Baltic Seas.
According to the French energy group, the VSB deal will also strengthen Total Energies' position among the top 3 in the renewable energy sector in France. The completion of the transaction is still subject to approval by the relevant competition authorities.
Farm Down in the USA: Total Energies sells 50 percent of a 2,000 MW solar and BESS portfolio
In addition to the acquisition agreement with VSB, Total Energies has signed an agreement with a fund managed by Apollo to sell 50 percent of a 2,000 MW (2 GW) portfolio of solar and battery energy storage systems (BESS) in Texas as part of its strategic realignment.
The portfolio consists of three solar projects with a total capacity of 1,700 MW (1.7 GW) and two battery storage projects with a capacity of 300 MW. The electricity generated by the solar projects has either already been sold to third parties or will be marketed by Total Energies. Following the transaction, which is subject to certain preparatory conditions, Total Energies will retain a 50 percent stake and remain the operator of the plants.
Source: IWR Online, 05 Dec 2024
