TotalEnergies has entered into an agreement to sell 50 percent of its ownership stake in a portfolio of 11 battery storage projects in Germany to asset manager Allianz Global Investors. The projects have a combined capacity of 789 MW and 1,628 MWh.
TotalEnergies said in a press release.
The 11 projects have been developed by Kyon Energy, a subsidiary of TotalEnergies, and are all expected to be operational by 2028 at the latest. The total investment in the projects is around 500 million euros, of which approximately 70 percent will be financed with debt. TotalEnergies will continue to operate the plants.
The battery systems will help reduce grid congestion and create greater flexibility in the German electricity system as the share of renewable energy increases.
- We are pleased to welcome Allianz as a partner in 11 of our battery storage projects with a total capacity of almost 800 MW. In line with our business model, the transaction allows us to optimize our capital allocation in our integrated electricity activities and contributes to improving the profitability of the sector. The operation also strengthens our development in Germany, Europe's largest electricity market, where we are rolling out our strategy for stable, clean electricity production, says Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies.
The agreement is expected to be completed once the necessary regulatory approvals and other conditions are met.
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