TotalEnergies, a diversified multinational energy company, announced the sale of 50% of a portfolio of 2 GW solar and battery energy storage projects in Texas to Apollo, a New York-based asset management firm. The transaction will provide the company $800 million in cash, with $550 million in equity and $250 million in shareholder loan refinancing.
The portfolio consists of three solar projects with a total capacity of 1.7 GW and two battery storage projects with a total capacity of 300 MW. TotalEnergies will retain a 50% stake and remain the operator of the assets, named Danish Fields, Cottonwood, and Hill Solar I. The electricity production of these projects has either already been sold to third parties or will be commercialized by TotalEnergies.
The company also announced the acquisition of VSB Group, a Germany-based renewable energy project developer, for €1.57 billion (~$1.65 billion). The completion of the transaction remains subject to the approval of applicable merger control authorities.
VSB has over 475 MW of renewable capacity under construction or operational, mainly in Germany and France. The company has a pipeline of 18 GW of solar, wind, and battery storage technologies situated across Germany, Poland, and France.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, 166 project acquisitions totaling 28.3 GW were transacted in 9M 2024 compared to the same number of project acquisitions totaling 31.6 GW in 9M 2023.
Earlier this week, Neoen, an independent renewable energy power producer, announced the sale of its renewable energy portfolio consisting of operating projects and development pipelines in Victoria, Australia, to HMC Capital, an alternative asset manager.
