TotalEnergies is partnering with Allianz Global Investors (AllianzGI) to develop a portfolio of 11 battery storage projects across Germany, representing nearly 800 MW of capacity and a total investment of €500 million. The projects are scheduled to be operational by 2028 and will play a key role in supporting the country’s renewable energy growth.

The deal involves TotalEnergies selling a 50% stake in the projects while retaining operational control. Seventy percent of the investment will be financed through debt, underlining the scale and strategic importance of the initiative.

The projects have been developed by Kyon Energy, a TotalEnergies subsidiary, and will mostly use next-generation batteries supplied by Saft, another TotalEnergies subsidiary recognized globally for high-tech energy storage solutions. Once completed, the portfolio will provide crucial flexibility to the German grid, helping reduce congestion and enabling the integration of more renewable energy.

Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies, highlighted that the partnership with AllianzGI allows the company to optimize capital allocation and strengthen its development momentum in Germany, Europe’s largest power market. He also noted that the projects align with TotalEnergies’ clean firm power strategy, exemplified by the recent 200 MW PPA signed with Airbus.

Édouard Jozan, Head of Private Markets at Allianz Global Investors, emphasized that this investment marks Allianz’s first direct equity commitment to a portfolio of battery storage projects. The partnership will reinforce Germany’s energy resilience, accelerate the energy transition, and create long-term value for Allianz’s clients.

The transaction is subject to customary approvals and conditions.