TotalEnergies aquires German VSB Group for €1.57bn

TotalEnergies has signed an agreement with Swiss asset manager Partners Group to acquire 100% of VSB Group for €1.57 billion ($1.7 billion).

VSB Group is a German renewables developer with a project pipeline of over 18GW of wind, solar PV and battery storage and over 475MW of operational projects.

According to a VSB release, forming strategic partnerships will ultimately expedite the development and deployment of renewables, e-mobility and storage. To this end both TotalEnergies and VSB Group will leverage their respective strengths and networks to expand their market presence.

Dr Felix Grolman, CEO of VSB Group, commented in a statement: “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!”

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Stéphane Michel, president of Gas, Renewables and Power at TotalEnergies added: "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.“

VSB Group was founded in 1996 and since 2020 has been majority owned by Partners Group. The firm has 21 locations across Germany, France, Poland, Finland, Italy and Croatia.

The completion of the transaction remains subject to the approval of applicable merger control authorities.