TotalEnergies has signed an agreement with EIG, an institutional investor in the global energy sector, to acquire all shares of West Burton Energy for an enterprise value of £450 million.

West Burton Energy operates the West Burton B gas-fired power plant in Nottinghamshire, England. Commissioned in 2013, this facility includes three combined-cycle gas turbines with a total output of 1.3 GW, supplying power to approximately 1.8 million homes. Additionally, a 49 MW battery storage system was integrated into the plant in 2018, enhancing its capabilities.

This acquisition enhances TotalEnergies’ renewable power generation capacity in the UK by incorporating a flexible asset that mitigates the intermittency of renewable sources, ensuring a reliable power supply to customers. TotalEnergies currently holds a renewable portfolio in the UK with 1.1 GW of gross installed capacity and 4.5 GW under development. Given this extensive portfolio, the company assesses its need for gas-based power generation capacity at 700 MW and plans to divest 50 percent of the acquired assets.

The deal also bolsters TotalEnergies’ trading capabilities in the UK’s electricity and gas markets, enhancing its ability to provide affordable, reliable, and sustainable energy to its 300,000 UK electricity and gas customer sites. Furthermore, the company will supply the plant by leveraging its substantial positions in natural gas production in the UK, where it operates 30 percent of the projects.

This acquisition brings TotalEnergies’ worldwide flexible power generation portfolio to approximately 7 GW of gross capacity, complementing its 23 GW of gross renewable capacity.

Stéphane Michel, president of gas, renewables, and power at TotalEnergies, commented, “I am delighted to welcome the West Burton B team to TotalEnergies. This acquisition contributes to our integrated strategy in the UK, which combines renewable and flexible generation capacity. It complements our 1.1 GW Seagreen offshore wind farm and allows us to accelerate the development of our Integrated Power activities in power generation, trading, and marketing in this market. The deal also contributes directly to our 2028 ROACE target of around 12 percent in this business sector.”

This strategic acquisition underscores TotalEnergies’ commitment to integrating renewable and flexible power generation to meet the growing demand for sustainable energy solutions.

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7th June 2024