March 03, 2026 [Reuters]- French oil major TotalEnergies has ​sold a 50% stake in 11 battery projects under construction in Germany ‌to Allianz Global Investors, the companies said on Tuesday, as interest grows in Germany’s fast-growing renewables market.

The companies did not disclose the value of the transaction.

The projects comprise 789 megawatts and will ⁠be operational by 2028.

In its bid to build 100 gigawatts of gross installed renewable ​capacity by 2030, Total has focused on Germany, Europe’s largest power market, as a ​priority.

It purchased several German battery developers in the belief they will be increasingly needed to balance electricity grids by storing excess renewable production when there is too much wind or sun, then ​re-supplying it when demand is high.

TotalEnergies has also been regularly selling 50% stakes in ​renewable assets at a profit once it has invested in building them, and confirmed on Tuesday ‌this ⁠was also the case for its battery projects.

“In line with our business model, this transaction enables us to optimize our capital allocation in our integrated power activities and helps improve the sector’s profitability,” Stephane Michel, Total’s president of gas, renewables and power, ​said in a statement.

Allianz, ​which has previously ⁠invested in wind and solar farms as well as green hydrogen, said this was its first direct equity commitment to a ​portfolio of battery storage projects.

“The shift to cleaner energy depends on ​strong infrastructure… ⁠These eleven projects across Germany will help reinforce the country’s energy resilience, accelerate the energy transition, and deliver long-term value for our clients,” Edouard Jozan, head of private markets ⁠at ​Allianz GI, said in a statement.

The projects are being ​built by Kyon Energy using batteries by Saft, both subsidiaries of TotalEnergies, which will operate the sites.