TotalEnergies agreed to sell a 50% stake in a portfolio of 11 battery storage projects in Germany to Allianz Global Investors (AllianzGI), advancing its electricity growth strategy in Europe's largest economy, the French energy major said Tuesday.
The projects have a combined capacity of 789 megawatts (MW), or 1,628 megawatt-hours (MWh), according to a company statement.
Under the agreement, the partners will invest about €500 million ($581 million) in critical energy infrastructure in Germany, with around 70% of the total financed through debt.
The 11 projects, located across Germany, were developed by Kyon Energy, a subsidiary of TotalEnergies, and are expected to be fully operational by 2028.
Most of the sites will use next-generation batteries supplied by Saft, another TotalEnergies subsidiary and a global battery manufacturer. TotalEnergies will remain the operator of the assets.
By Handan Kazanci
Anadolu Agency
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