Energy company TotalEnergies has acquired Kyon Energy, a German battery storage developer, for €90 million (£78.7m).
The acquisition includes the entire share capital of Kyon Energy, with additional earn-out payments linked to development targets.
Established in 2021, Kyon Energy has developed 770MW of projects, of which 120MW are operational, 350MW are under construction and 300MW are ready for development.
TotalEnergies has recently secured a maritime concession for a 3GW offshore wind farm and acquired renewable energy aggregator Quadra Energy.
Stéphane Michel, President Gas, Renewables and Power at TotalEnergies, said: “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.”
