TotalEnergies has finalised the acquisition of German renewable energy developer VSB Group, taking on its sizable renewables portfolio and pipeline in the process.
The French oil major said today (2 April) that it had completed the deal for 100% of the Dresden-based developer, which was announced in December, in a deal that valued the company at around €2 billion.
VSB’s wind and solar pipeline of over 15GW will now be added to TotalEnergies' own renewables pipeline. TotalEnergies' pipeline is around 40GW of renewable capacity in Europe. It has an additional 7GW in operation or under construction.
TotalEnergies is targeting 100GW of gross installed renewable energy capacity by the end of the decade and remains committed to the target, while rival oil firms such as BP and Shell are scaling back their renewable energy plans.
Meanwhile, the French oil major announced the acquisition of a Norwegian-based hydroelectric firm SN Power, and various wind and solar projects in Canada from renewable energy developer RES.
The projects are all located in the western Canadian province of Alberta and have a combined capacity of more than 800MW.
“The completion of these three acquisitions in Europe, North America and Africa will contribute to our targets of 35GW of gross renewable capacity by 2025 and more than 100 TWh of electricity generation by 2030 ,” said Stéphane Michel, president of gas, renewables and power at TotalEnergies.
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