TotalEnergies has signed an agreement to acquire from its three founders the entire share capital of German battery storage developer Kyon Energy.
The consideration consists of a €90m upfront payment, plus some earn-out payments linked to the achievement of development targets.
Since its creation in 2021, Kyon Energy has developed 770MW of projects, of which 120MW is already in operation, 350MW is under construction and 300MW is ready to build.
In addition, Kyon Energy’s portfolio includes a 2GW pipeline of advanced-stage projects.
Thanks to the expertise of Kyon Energy’s management and employees, TotalEnergies will develop, build, and operate those projects, mainly located in the north of Germany, as part of its integrated power strategy.
This new acquisition follows 2023 successes in the country – including the award of a maritime concession to develop a 3GW offshore wind farm, the 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.
said Stephane Michel, President Gas, Renewables & Power at TotalEnergies, said: “I would like to welcome the Kyon Energy teams to TotalEnergies.
“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, both in production, trading, aggregation and marketing of low carbon electricity available 24 hours a day.
“It also contributes to our profitability target for this business segment of 12% ROACE by 2028.”