TotalEnergies to sell 50% of 11 German battery projects to AllianzGI

Key Highlights

• Under the agreement, the partners will invest €500m in the country’s essential energy infrastructure, with 70% of the funding coming from debt financing.
• These projects are expected to be fully operational by the year 2028.
• Currently under construction across various locations in Germany, the projects were developed by Kyon Energy, a subsidiary of TotalEnergies.
• Saft, another TotalEnergies subsidiary, will supply the next-generation batteries for most of these installations.
• TotalEnergies gas, renewables and power president Stéphane Michel said: “We are delighted to welcome Allianz, a first-class partner in Germany, as a shareholder in 11 of our battery storage projects, representing a total capacity of nearly 800MW.