Energy Transition

TotalEnergies tipped to buy $2bn European renewable energy group

French oil giant closing in on deal for Germany-based VSB, says report

The headquarters of the oil company TotalEnergies, in the business district of Paris La Defense.
The headquarters of the oil company TotalEnergies, in the business district of Paris La Defense.Photo: Shutterstock/HJBC
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French oil giant TotalEnergies is closing in on a €2bn ($2.1bn) deal to acquire control of European renewable energy developer VSB Group, it was reported today.

TotalEnergies is in advanced talks with private equity firm Partners Group, which owns the developer, said financial newswire Bloomberg, citing sources familiar with the matter.

Germany-based VSB develops in the wind, solar and bioenergy sectors, with projects built in its home market, France, Italy, Poland, Croatia and Finland.

The company has an installed capacity of 1.7GW and a 10GW pipeline, according to its website. Partners Group bought an 80% stake in VSB in January 2020.

If the deal materialises it will confirm TotalEnergies as the global oil group most obviously still engaged into a concerted push into the renewable energy sector, even as other fossil giants pull back.

The French supermajor’s onshore renewables interests already include its Eren subsidiary, while at sea it has partnered on major offshore wind projects with RWE. The oil giant aims to have 100GW of renewables in place by 2030 up from around 22GW in place at the end of last year.

TotalEnergies’ renewable plans hit a bump in the road last week when its key partner in India, the Adani Group, was hit by charges of fraud against top executives lodged by US authorities. The French group subsequently said it would make no more investments until those matters are resolved.
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Published 3 December 2024, 16:44Updated 3 December 2024, 16:44
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