TotalEnergies to acquire renewable energy aggregator Quadra Energy.

M2 EQUITYBITES-October 26, 2023-TotalEnergies to acquire renewable energy aggregator Quadra Energy

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Multi-energy company TotalEnergies (Euronext Paris:TTE) (LSE:TTE) (NYSE:TTE) announced on Thursday that it has signed agreements with the Aloys Wobben Foundation (AWS) to acquire the share capital of Quadra Energy.

With a "virtual power plant" totalling 9 GW, Quadra Energy is one of the top-three aggregators of renewable electricity production in Germany, the largest power market in Europe with the highest renewable growth.

Quadra Energy purchased production from around 5,000 wind and solar power plants in 2022, and resold 14 TWh on wholesale markets and to German resellers and customers. The company has also developed a portfolio of medium-term contracts for the purchase of 2 TWh of renewable power and their sale through corporate PPAs.

Subject to regulatory approval...

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