Total closing in on 2 bln euro deal for renewables developer VSB, Bloomberg reports

By America Hernandez

Bloomberg News reported that TotalEnergies, a French oil giant, is on the verge of acquiring renewable developer VSB Group. The deal will cost about 2 billion euro ($2,10 billion).

TotalEnergies has declined to comment. VSB Group, Partners Group and TotalEnergies did not respond to comments immediately.

VSB sells electricity to its clients and builds wind, solar and battery projects in Germany, Italy and France. The French oil major has steadily increased its green portfolio. It is bucking the trend of European peers who are rolling back their renewable goals due to a decline in profitability and issues with supply chains.

Total has a gross installed renewable power of 24 gigawatts, and aims to reach 35 GW in 2025, then 100 GW in 2030. TotalEnergies CEO Patrick Pouyanne told reporters last week that the company will be able meet these green targets despite ceasing future business with Adani Green Energy. Adani Green Energy has historically been a major contributor to Total's renewables.

(source: Reuters)