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PARIS - TotalEnergies (EPA:TTEF) (Paris:TTE) (LSE:TTE) (NYSE:TTE) has entered into a partnership with HitecVision, a Norwegian investment firm, by selling a 50% stake in Polska Grupa Biogazowa ("PGB"), Poland’s leading biogas company, for €190 million. The deal, which was announced today, is part of TotalEnergies’ broader strategy to expand its renewable energy footprint and follows its full acquisition of PGB in 2023.
PGB, with its 20 operational units and over 450 GWh of equivalent biomethane production capacity, represents a significant player in Poland’s biogas market. The company also has two additional plants under construction and aims to ramp up its biomethane production capacity to 2 TWh by 2030.
Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies, expressed enthusiasm about the partnership, stating that it aligns with the company’s model of maximizing investment profitability by partnering on renewable assets. Erlend Ellingsen, CEO and Managing Partner of HitecVision, highlighted the strategic importance of the Polish market for biogas and biomethane, noting the potential for profitable growth and contribution to the decarbonization efforts of Poland and the European Union.
The completion of this transaction is contingent on the receipt of necessary governmental and regulatory approvals. This partnership is seen as a step forward for both companies in their commitment to sustainable energy and the energy transition in Europe.
TotalEnergies, a global integrated energy company, continues to strengthen its position in the biogas sector, with ambitions to achieve a gross capacity of 10 TWh equivalent biomethane per year by 2030. This target is part of its broader strategy to provide more reliable, affordable, and sustainable energy worldwide.
The information for this article is based on a press release statement.
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