TotalEnergies has signed an agreement with Allianz Global Investors (AllianzGI) to jointly invest in 11 battery storage projects in Germany. These projects have a total capacity of 789 MW / 1628 MWh and are expected to be fully operational by 2028, aiming to support Germany's renewable energy development. The partners will provide €500 million in investment, with 70% financed through debt.

The battery storage projects were developed by Kyon Energy, a subsidiary of TotalEnergies, and are located across Germany. Most of the projects will utilize advanced battery technology provided by Saft, another subsidiary of TotalEnergies. TotalEnergies will continue to be responsible for the operation of these assets.

By reducing grid congestion and providing flexibility, these battery storage projects will enhance the resilience of Germany's power system and support the country's rapid growth in renewable energy. Germany is a key market for TotalEnergies, where the company has a presence in renewable power generation, flexible asset operation, and low-carbon electricity supply.

Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies, stated: "We are pleased to welcome Allianz as a partner in these battery storage projects. This transaction helps optimize capital allocation, improve industry profitability, and strengthen our development momentum in the German market."

Édouard Jozan, Head of Private Markets at Allianz Global Investors, commented: "This investment represents Allianz's first direct investment in a portfolio of battery storage projects. These projects will enhance Germany's energy resilience, accelerate the energy transition, and provide long-term value for our clients." The completion of the transaction is subject to customary approvals and conditions.