TotalEnergies has signed a Sale and Purchase Agreement (SPA) with HitecVision, a Norwegian investment firm focused on the energy sector, to sell 50% of Polska Grupa Biogazowa (PGB) for an enterprise value of €190 million.
PGB is the leading biogas company in Poland, with 20 facilities in operation and a production capacity of over 450 GWh of equivalent biomethane. Founded in 2007 and acquired by TotalEnergies in 2023, PGB produces both electricity and heat through cogeneration (CHP) technology.
“We are delighted to welcome HitecVision as a partner for biogas production in Poland. This transaction will enable PGB to continue its growth in a country where biogas is rapidly developing and is in line with the farmdown business model applied to our renewable assets in order to maximize the profitability of our investments”, said Stéphane Michel, President of Gas, Renewables & Power atTotalEnergies.
“Biogas and biomethane is a core focus for HitecVision’s New Energy Program, and Poland represents a unique market opportunity to pursue profitable growth while contributing to the decarbonization of Poland and the EU. TotalEnergies has a well-established industrial footprint in Poland, and we as partners have complementary skillsets that we jointly will put to use for scaling PGB significantly over the next few years through greenfield projects as well as M&A”, said Erlend Ellingsen, CEO and Managing Partner of HitecVision.
The company is currently building two new plants in Poland and is preparing to expand into biomethane production. Its long-term target is to reach 2 TWh of equivalent biomethane production capacity by 2030.
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