The acquisition will provide TotalEnergies with Quadra Energy’s expertise and 40 staff members, along with its advanced weather forecasting platform
TotalEnergies to acquire Quadra Energy. (Credit: American Public Power Association on Unsplash)
French integrated energy company TotalEnergies has signed agreements with the Aloys Wobben Foundation (AWS) to fully acquire the German electric utility Quadra Energy.
Established in 2012, Quadra Energy is one of the top aggregators of renewable electricity production in Germany with a ‘virtual power plant’ totalling 9GW.
Last year, the company purchased electricity produced from around 5,000 wind and solar power plants and resold it on wholesale markets and to German resellers and customers.
Quadra Energy has also developed a portfolio of medium-term contracts since 2021 to purchase 2TWh of renewable power and sell it through corporate PPAs.
The completion of the acquisition is subject to approval by the relevant authorities.
TotalEnergies gas, renewables and power president Stéphane Michel said: “We are pleased with the acquisition of Quadra Energy, and I would like to welcome their teams, who will be an essential component of our presence in Germany’s electricity market.
“This agreement will enable us to speed up the development of our Integrated Power activities in the country, whose electricity market has particularly attractive fundamentals, in both production, trading, aggregation and marketing of Corporate PPA and clean firm power.
“This acquisition thus contributes positively to our profitability target of 12 % ROACE by 2028 for this business segment.”
The French utility said that the acquisition of Quadra Energy will further strengthen its integrated power business in Germany.
It will benefit from Quadra Energy’s expertise and 40 staff members, along with its advanced weather forecasting platform.
The assets will also strengthen the company’s trading capacity on the intraday markets and help expand its marketing activities to offer competitive corporate PPAs and clean firm power.
Furthermore, Quadra Energy’s in-depth knowledge of local renewable developers will also help TotalEnergies develop its own renewable production capacity in the country.
Earlier this year, TotalEnergies secured two marine concessions totalling 3GW in the North Sea and the Baltic Sea from the German Federal Network Agency (Bundesnetzagentur).