TotalEnergies to buy German renewables developer VSB for $1.65 billion

French oil major TotalEnergies has agreed to purchase German renewable developer VSB Group for 1.57 billion euros ($1.65 billion) from Swiss asset manager Partners Group, it said Wednesday.

The French firm has identified Germany as a priority growth market for its integrated power business and said the acquisition would also deepen its expertise in building onshore wind.

VSB has an 18 GW project pipeline of wind, solar and battery storage technologies mainly in Germany, Poland and France, with 0.475 GW of renewable capacity in operation or under construction.

TotalEnergies currently has 24 GW of gross installed renewable capacity, with targets that call for adding 11 GW by next year and reaching 100 GW by 2030.

TotalEnergies also said it has signed an agreement with funds managed by Apollo for the sale of 50% of a portfolio of 2 gigawatt (GW) solar and battery energy storage systems (BESS) projects located in Texas. The transaction will provide $800 million in cash, it said.

($1 = 0.9537 euros)