TotalEnergies SE signed a deal to sell a 50 percent stake in a German portfolio of 11 battery energy storage projects with a combined capacity of 789 megawatts to Allianz Global Investors GmbH (AllianzGI), the companies said Tuesday.
With a capacity of 12-147 MW per plant, the projects across Germany are targeted to be put into operation by 2028. They are being developed by Kyon Energy, acquired by the French energy giant 2024. Most of the projects will use batteries supplied by TotalEnergies’ Saft, according to TotalEnergies.
The agreement between TotalEnergies and Frankfurt-based AllianzGI “will deliver an investment of EUR 500 million [$581.64 million] in critical energy infrastructure for Germany, of which 70 percent will be financed by debt”, a joint statement said.
“This investment marks Allianz’s first direct equity commitment to a portfolio of battery storage projects”, said AllianzGI head of private markets Édouard Jozan.
Stéphane Michel, president for gas, renewables and power at TotalEnergies, said, “This operation strengthens our development momentum in Germany, Europe’s largest power market, where we are deploying our clean firm power strategy, as illustrated by the 200 MW PPA [power purchase agreement] signed with Airbus recently”.
Under the deal with the aerospace company, announced February 5, 2026, TotalEnergies is to supply a total of 3.3 terawatt hours (TWh) to “all major Airbus sites” in Germany and the United Kingdom starting 2027.
In Germany, TotalEnergies says it is developing 2 gigawatts (GW) of battery energy storage capacity under Kyon, as well as an offshore wind generation capacity of 7.5 GW plus 7 GW of solar and onshore wind capacity.
“In line with our business model, this transaction [with AllianzGI] enables us to optimize our capital allocation in our integrated power activities and helps improve the sector’s profitability”, Tuesday’s statement said.
Last year TotalEnergies divested 50 percent of a 1.4-GW solar portfolio in North America to KKR. The transaction gave the assets an enterprise value of $1.25 billion.
“The transaction covers six utility-scale solar assets with a combined capacity of 1.3 GW, and 41 distributed generation assets totaling 140 megawatts, primarily situated in the United States”, TotalEnergies said September 29, 2025. “The electricity production of these projects has either been sold to third parties or will be commercialized by TotalEnergies”.
TotalEnergies announced the completion of the sale to KKR in its report of fourth quarter 2025 results on February 11, 2026.
On December 17 2025 TotalEnergies said it had completed a farm-down of its Greek renewable power portfolio, totaling 424 MW. Asterion Industrial Partners acquired 50 percent.
“This transaction values the portfolio at EUR 508 million, equivalent to approximately EUR 1.2 million per MW installed”, TotalEnergies said.
“TotalEnergies will offtake and market most of the electricity produced by these assets when they stop benefiting from the regulated tariffs”, it said.
TotalEnergies aims to reach over 100 TWh of net power production by 2030. At the end of 2025, TotalEnergies had 34.1 GW gross installed renewables capacity, up 8 GW from 2024, according to the company’s quarterly report.
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