PARIS – TotalEnergies (NYSE: TTE), the French oil major, is close to acquiring renewable developer VSB Group from private equity firm Partners Group for about 2 billion euros ($2.10 billion), Bloomberg News reported on Tuesday.
TotalEnergies declined to comment. VSB Group and Partners Group didn’t immediately reply to requests 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 (NYSE: TTE) currently has 24 gigawatts of gross installed renewable capacity, with targets for reaching 35 GW by 2025 and 100 GW by 2030.
Last week, TotalEnergies CEO Patrick Pouyanne 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)
