The insurance group Allianz wants to participate in battery storage projects run by French energy supplier TotalEnergies. There are eleven projects in total, which are intended to drive forward the transition to clean energy.
French energy supplier TotalEnergies is planning eleven large-scale battery storage projects in Germany. Insurance group Allianz has now announced its intention to participate in these projects, according to a statement by its asset management subsidiary Allianz Global Investors (Allianz GI). The projects are expected to be operational by 2028. The partnership with TotalEnergies to finance, build, and operate the facilities will provide the German electricity market and grid with important flexibility and stability.
Renewable energies have had a tough time recently
Specifically, Allianz GI is acquiring a 50 percent stake in TotalEnergies' portfolio of large-scale battery storage projects. These have a capacity of around 800 megawatts. The two partners are investing a total of €500 million in critical energy infrastructure, 70 percent of which is in the form of loans.
“The transition to cleaner energy depends on strong infrastructure,” said Édouard Jozan of Allianz Global Investors. The investment is Allianz's first direct equity investment in a portfolio of battery storage projects. Weak winds, fewer new solar roofs, and a conservative economy minister: renewable energies have had a tough time recently. Nevertheless, last year saw a new record—and falling prices.
