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TotalEnergies (NYSE:TTE) said Tuesday it agreed to acquire German battery storage systems developer Kyon Energy for €90M up front plus future payments linked to the achievement of development targets.
TotalEnergies (TTE) said Kyon Energy has developed 770 MW of projects - 120 MW already in operation, 350 MW under construction and 300 MW ready to build - and its portfolio includes a 2 GW pipeline of advanced-stage projects.
The company said the acquisition, if approved by relevant authorities, would contribute to its profitability target for the business segment of 12% return on average capital employed by 2028.
Separately, TotalEnergies (TTE) said it signed a new agreement with European Energy to develop offshore wind projects in Denmark, Finland and Sweden.
Under the deal terms, TotalEnergies (TTE) will acquire 85% and 72.2% stakes, respectively, in the Jammerland Bugt offshore and Lillebaelt South nearshore wind projects in Denmark; financial details were not disclosed.