AllianzGI and TotalEnergies commit $550m to German battery storage portfolio
Allianz Global Investors has agreed to acquire a 50% stake in a portfolio of 11 battery storage projects from TotalEnergies, committing to a total investment of €500m.
The projects, with combined capacity of 789MW / 1,628MWh, are under construction across Germany and are expected to become operational by 2028. Around 70% of the capital structure will be financed through debt.
The transaction marks AllianzGI’s first direct equity investment in a utility-scale battery storage portfolio. The assets were developed by Kyon …
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