Allianz Global Investors (AllianzGI) is acquiring a 50% stake in a TotalEnergies portfolio of 11 German battery storage projects with a total development value of €500m.
AllianzGI, which is investing on behalf of Allianz insurance companies and the Allianz European Infrastructure Fund II, has agreed to acquire the interest in project.
The battery storage portfolio has a total capacity of 789MW - 1628MWh, of which 70% will be financed by debt, the companies said.
The 11-project portfolio, developed by TotalEnergies subsidiary Kyon Energy, will all be operational by 2028. TotalEnergies will remain the operator of the assets.
Stéphane Michel, president gas, renewables and power at TotalEnergies, said: “In line with our business model, this transaction enables us to optimise our capital allocation in our integrated power activities and helps improve the sector’s profitability.
“This operation, will help us strengthen our development momentum in Germany, Europe´s largest power market, where we are deploying our clean firm power strategy, as illustrated by the 200MW PPA signed with Airbus recently.”
Édouard Jozan, head of private markets at Allianz Global Investors, said: “This investment marks Allianz’s first direct equity commitment to a portfolio of battery storage projects.
“As a pioneer in energy transition investing for more than 20 years with a portfolio spanning wind and solar farms, green hydrogen platforms, and an electricity interconnector, we are very delighted to partner with Total Energies on this important project in one of our home markets, Germany.”
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