TotalEnergies (TTE) Sells 50% Stake For 11 Projects in Germany to Allianz Global Investors

​TotalEnergies SE (NYSE:TTE) is one of the Best Value Stocks to Buy for the Long Term. On March 3, TotalEnergies SE (NYSE:TTE) announced its deal to sell 50% stake in 11 battery storage projects in Germany to Allianz Global Investors. Management noted that through this deal, the partners will invest €500 million into Germany’s energy infrastructure, with 70% of the investment funded through debt.

​The portfolio of 11 battery storage projects has a capacity of 789 MW and 1,628 MWh of storage and was developed by TotalEnergies’ subsidiary Kyon Energy. Management noted that all projects are expected to be operational by 2028 and would largely be powered by next-gen batteries from Saft, which is another TTE unit. After the sale, the company still holds half the ownership and operations of the projects.

TotalEnergies (TTE) Sells 50% Stake For 11 Projects in Germany to Allianz Global Investors

Photo from Ecopetrol website

​Stéphane Michel, TotalEnergies SE (NYSE:TTE)’s President of Gas, Renewables & Power, welcomed Allianz as a premier German partner, noting that the transaction refines capital allocation, boosts profitability, and fuels growth in this key market.

​TotalEnergies SE (NYSE:TTE) is a global multi-energy company that produces and markets oil, biofuels, natural‍ gas, renewables, and electricity.

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