As part of its power growth in Germany, Total Energy has signed an agreement with Allianz Global Investors (AllianzGI) to sell a 50 percent stake in a portfolio of 11 battery storage projects with a total capacity of 789 MW to 1,628 MWh.
The agreement will see the partners invest €500 million in critical energy infrastructure in Germany, 70 percent of which will be financed by debt.
These 11 projects across Germany are being developed by Kyon Energy, a subsidiary of TotalEnergies, and are all scheduled to be operational by 2028.
Most will use next-generation batteries supplied by Saft, a subsidiary of TotalEnergies and a global leader in high-tech batteries. TotalEnergies will continue to be the operator of the asset.
With these projects, TotalEnergies and Allianz will directly contribute to the resilience of Germany’s electricity system by reducing grid congestion and providing the flexibility needed to support the rapid growth of renewable energy in the country.
Germany is an important market where we are present across the entire electricity value chain. We develop renewable power projects (wind, solar), flexible assets (battery storage), as well as trade and aggregate to enable the supply of low-carbon electricity available 24/7.
“We are pleased to welcome Allianz, a leading German partner, as a shareholder in 11 of our battery storage projects, representing a total capacity of around 800 MW. In line with our business model, this transaction will enable us to optimize capital allocation in our integrated power business and will contribute to increasing profitability of the sector. “This strengthens our development momentum in Germany, Europe’s largest power market, where we are deploying the clean corporate power strategy outlined in the PPA and recently signed an agreement with Airbus,” said Stephane Michel, President of Gas, Renewables and Power at Total Energy.
“The transition to cleaner energy depends on strong infrastructure. This investment marks Allianz’s first direct capital commitment to a portfolio of battery storage projects. As a pioneer with more than 20 years of energy transition investments in a portfolio spanning wind and solar farms, green hydrogen platforms, and power interconnections, we are proud to support this important project in one of our home markets, Germany. These 11 projects across Germany, with a capacity of 789 MW when completed, will support the country’s energy resilience, accelerate the energy transition and deliver long-term value for our customers,” commented Edouard Jozan, Head of Private Markets at Allianz Global Investors. -OGN/TradeArabia News Service
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