TotalEnergies buys Germany based renewable energy firm VSB Group for $1.65B

ISTANBUL

French energy giant TotalEnergies signed a deal with Swiss asset manager Partners Group for the acquisition of Germany based renewable energy firm VSB Group.

The acquisition was agreed for €1.57 billion ($1.65 billion), according to the French company's press release on Wednesday.

"Thanks to its 500 employees, VSB has built a recognized expertise and notable track record in the development of onshore wind power farms across Europe,” it said.

"VSB has over 475 MW (megawatts) of renewable capacity in operation or under construction mainly in Germany and France, and a pipeline of 18 GW (gigawatts) of wind, solar and battery storage technologies mainly across Germany, Poland and France."

TotalEnergies also signed an agreement with funds managed by Apollo for the sale of 50% of a portfolio of 2 GW solar and battery energy storage systems projects located in Texas.

"This transaction will provide $800 million cash to TotalEnergies," the press release said.