TotalEnergies has signed an agreement with Swiss asset manager Partners Group to acquire VSB Group, a German renewable energy project developer, for €1.57 billion, including equity value and shareholder loans. This acquisition marks a significant move in TotalEnergies' Integrated Power business model, which focuses on capital allocation and expanding renewable energy projects. Additionally, TotalEnergies has entered an agreement with Apollo-managed funds to sell 50% of a 2 GW portfolio of solar and battery energy storage systems (BESS) projects in Texas for $800 million.

VSB Group, a leader in renewable energy in Europe, brings nearly 30 years of experience, specializing in onshore wind power development. With over 500 employees, VSB has developed more than 2 GW of wind power capacity and currently operates or is constructing 475 MW of renewable energy capacity across Germany and France. VSB also has a robust pipeline of 18 GW in wind, solar, and battery storage projects, mainly in Germany, Poland, and France. This acquisition will further strengthen TotalEnergies' position in Germany, where half of VSB's portfolio is based, and complements previous acquisitions of battery storage developer Kyon Energy and energy manager Quadra Energy. It will also bolster TotalEnergies' offshore wind positions in northern Germany, reinforcing its top 3 position in France’s renewable power market.

In the United States, TotalEnergies has sold a 50% stake in a 2 GW portfolio consisting of three solar projects with a combined 1.7 GW capacity and two battery storage projects totaling 300 MW. Following this transaction, TotalEnergies will retain operational control of the assets, including Danish Fields, Cottonwood, and Hill Solar I, with electricity from these projects either sold to third parties or commercialized by TotalEnergies.

Stéphane Michel, president of Gas, Renewables, and Power at TotalEnergies, commented on the transactions, stating that they align with the company’s strategy to optimize capital allocation in renewable energy and improve the profitability of its Integrated Power business. He welcomed the 500 employees of VSB Group and their expertise in onshore wind energy, emphasizing how this acquisition will help expand TotalEnergies’ renewable energy footprint in Europe, particularly in Germany. He also expressed enthusiasm about the partnership with Apollo for the Texas renewable assets. The completion of these transactions is subject to merger control authorities' approval.

TotalEnergies is developing a competitive portfolio that integrates renewable energy sources (solar, onshore wind, offshore wind) with flexible assets (CCGT, storage) to provide clean, reliable power to its customers. In order to meet its 12% profitability goal for the Integrated Power business, the company intends to sell up to 50% of its wholly owned renewable assets once they are operational and de-risked, allowing TotalEnergies to maximize asset value and manage risks effectively.

By the end of 2024, TotalEnergies' installed gross renewable electricity capacity will exceed 24 GW. The company aims to expand this capacity to 35 GW by 2025 and exceed 100 TWh of net electricity production by 2030.