From Wind To Watts: TotalEnergies Makes Waves In European Offshore With New Buyout & Deal
Portfolio Pulse from Lekha Gupta
TotalEnergies SE (NYSE:TTE) acquired German battery storage developer Kyon Energy for €90 million plus earn-out payments. Kyon Energy has 770 MW of projects in various stages of development. This acquisition aligns with TotalEnergies' integrated power strategy and contributes to its profitability target of 12% ROACE by 2028. Additionally, TotalEnergies entered a deal with European Energy for offshore wind projects in Denmark, Finland, and Sweden, totaling 405 MW under development. This deal complements a previous agreement for onshore renewable projects and supports TotalEnergies' expansion in northern Europe. TTE shares saw a slight premarket decrease of 0.40%.
January 23, 2024 | 12:15 pm
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TotalEnergies SE acquired Kyon Energy, enhancing its renewable energy portfolio and advancing its integrated power strategy in Europe. The company also secured a deal for offshore wind projects, indicating a strong focus on expanding its renewable energy footprint.
The acquisition of Kyon Energy and the new deal with European Energy are likely to be viewed positively by investors as they align with TotalEnergies' strategy to expand its renewable energy portfolio and meet profitability targets. The slight premarket dip in TTE shares may be a short-term reaction, and the strategic moves could bolster investor confidence in the company's long-term growth prospects in the renewable energy sector.
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