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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