TotalEnergies is all set to acquire the entire share capital of German battery storage developer Kyon Energy.
The company has already inked an agreement to acquire the capital from its three founders. It means there will be around €90m upfront payment.
As per Kyon Energy, it has developed 770MW of projects in total since its establishment in 2021. Out of this, 120MW is already in operation, 350MW is under construction and 300MW is ready to build.
Besides, Kyon Energy’s portfolio also includes a 2GW pipeline of advanced-stage projects.
According to TotalEnergies, it will develop, build, and operate those projects as part of its integrated power strategy. The projects are mostly located in the northern part of Germany.
Stephane Michel, President Gas, Renewables & Power at TotalEnergies, remarked,
“The acquisition of this company, one of the leaders in its market, is a key element in our presence in the German electricity market, which is the largest in Europe. This acquisition will enable us to accelerate the development of our Integrated Power activities in Germany.”
He further stated, “It also contributes to our profitability target for this business segment of 12% ROACE by 2028."
The latest development is followed by several renewable projects “including award of a maritime concession to develop a 3GW offshore wind farm, acquisition of the renewable energy aggregator Quadra Energy and the award of a contract to install and operate 1100 high-power charge points for electric vehicles,” the company was quoted.
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