TotalEnergies acquires Quadra Energy
Published by Jessica Casey,
Editor
Energy Global,
TotalEnergies has signed agreements with the Aloys Wobben Foundation (AWS) to acquire the entire share capital of the German company Quadra Energy. Founded in 2012 and boasting 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.
Specialising in the aggregation of renewable electricity, Quadra Energy purchased production from around 5000 wind and solar power plants in 2022, and then resold 14 TWh on wholesale markets and to German resellers and customers. Quadra Energy has also developed since 2021 a portfolio of medium-term contracts for the purchase of 2 TWh of renewable power and their sale through corporate PPAs.
This acquisition, which is subject to approval by the relevant authorities, will enable TotalEnergies to further strengthen its integrated power business in Germany. TotalEnergies will leverage the extensive expertise of Quadra Energy’s 40 staff members, as well as its innovative weather-forecasting platform. These assets will also enable the company to strengthen its trading capacity on the intraday markets and to broaden its marketing activities to offer its German customers competitive corporate power purchase agreements (PPAs) and clean firm power. Finally, Quadra Energy’s in-depth knowledge of local renewable developers will also make it easier for TotalEnergies to develop its own renewable production capacity in the country, following its successful bid for a 3 GW offshore wind concession in July.
“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,” said Stéphane Michel, President Gas, Renewables and Power at TotalEnergies. “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.”
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Read the article online at: https://www.energyglobal.com/wind/26102023/totalenergies-acquires-quadra-energy/
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