TotalEnergies Set for $2B Acquisition of Renewables Developer VSB

(Credit: TotalEnergies)

French oil major TotalEnergies is close to acquiring vertically-integrated renewable developer VSB Group from private equity firm Partners Group for about 2 billion euros ($2.10 billion), Bloomberg News reported on Tuesday.

TotalEnergies and Partners Group declined to comment. VSB Group did not immediately reply to a request for comment.

Germany-based VSB has a renewables project pipeline of more than 10 gigawatts (GW) across 10 countries, mostly in Europe, and provides services for around 1.4 GW of installed plants.

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

TotalEnergies CEO Patrick Pouyanne last week told Reuters the company would be able to meet those green targets, despite pausing future business with Adani Green Energy, which has historically contributed heavily to Total's renewables holdings.

The French oil and gas major has been steadily increasing its green portfolio, bucking a trend among European peers to roll back renewable goals amid a drop in profitability and supply chain issues.

($1 = 0.9508 euros)

(Reuters - Reporting by America Hernandez in Paris, Editing by Louise Heavens and Susan Fenton)