TotalEnergies Agrees to Buy Kyon Energy For at Least $98 Million
January 23 2024 - 2:41AM
Dow Jones News
By Pierre Bertrand
TotalEnergies said it has signed an agreement to buy German
battery-storage systems developer Kyon Energy.
The French oil and gas major said it will make an upfront
payment of 90 million euros ($98 million) for Kyon Energy, plus
future performance-based payments.
TotalEnergies said Kyon Energy has developed 770 megawatts of
projects with competitive connection costs. Of that amount, 120
megawatts are already in operation, 350 megawatts are under
construction and 300 megawatts are ready to build.
Kyon Energy's portfolio includes an advanced-stage project
pipeline amounting to 2 gigawatts, TotalEnergies said.
The acquisition is subject to approval by the relevant
authorities, it said.
The deal is the latest in a series of acquisitions agreed to by
the French energy company so far this year, including increasing
stakes in offshore blocks in Namibia, and taking stakes in offshore
wind projects in Denmark.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
January 23, 2024 03:26 ET (08:26 GMT)
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