Partners Group to sell VSB Group, a leading renewable energy platform, to TotalEnergies

• Since its acquisition in 2020, Partners Group has transformed VSB from a mid-sized renewables developer into a leading renewables platform
• Partners Group’s value creation plan has driven a five-fold increase in EBITDA
• VSB benefits from thematic tailwinds driving decarbonization across Europe, included an increased corporate emphasis on sustainability

Partners Group, one of the largest firms in the global private markets industry, acting on behalf of its clients, has agreed to sell VSB Group (“VSB” or “the Company”), a leading renewable energy platform in Europe, to TotalEnergies. The transaction gives VSB an equity value of EUR 1.57 billion.

Founded in 1996, VSB operates throughout the renewable energy value chain, developing, building, owning, and managing renewables projects. The Company also provides technical and commercial management services for third-party assets and offers e-mobility solutions, such as charging infrastructure. VSB has successfully developed over 2.3 GW of renewable energy generating assets to-date and manages 3 GW of assets. As an independent power producer, VSB sells sustainably generated electricity from its wind and solar assets through renewable energy support schemes and power purchase agreements, which provide visible, long-term cashflows. Headquartered in Germany, VSB is also active in France, Poland, Italy, Croatia, and Finland, with over 500 employees across 21 branches.

Partners Group acquired a majority stake in VSB in 2020 and has since transformed the Company from a mid-sized renewables developer into a leading pan-European renewables platform. Under Partners Group’s ownership, VSB has more than doubled its project pipeline from 8 GW to over 18 GW, significantly expanded its operating and under construction capacity from 53 MW to over 475 MW today, diversified across wind and solar PV, battery storage, and e-mobility technologies, and improved talent management. These initiatives have driven a five-fold increase in EBITDA.

Partners Group originally identified VSB as an investment opportunity through its thematic investing research into the renewable energy sector in Europe. The strong thematic tailwinds that have driven VSB’s growth in recent years remain in place today, including an increased emphasis on corporate decarbonization goals, regulatory support for clean energy sources, and a heightened focus on energy independence.

David Daum, Partner, Head Infrastructure Europe, Partners Group, says: “VSB is a highly thematic investment. Through our deep research capabilities, we identified VSB as uniquely positioned to benefit from decarbonization tailwinds in Europe, tracking the Company long before investing. We then transformed VSB from a developer into a full-service renewable energy platform and independent power producer. Having completed our value creation plan, we believe now is the right time to exit.”

Maximilian Christ, Member of Management, Infrastructure Europe, Partners Group, adds: “VSB has significantly increased its project development output and operating asset base under Partners Group’s ownership. As part of our value creation plan, we implemented operational excellence initiatives around VSB’s project development and back-office functions and invested in technology and the digitization of processes. VSB has very strong foundations from which to continue its growth journey.”

Partners Group’s Infrastructure business has USD 26 billion in assets under management globally. Partners Group was advised by Nomura Greentech as exclusive financial advisor and A&O Shearman as legal advisor.