TotalEnergies Partners with HitecVision in €190M Half Stake Acquisition to Propel Growth of Biogas Leader PGB

In a significant step in the fight against climate change, TotalEnergies, a prominent global energy company, has teamed up with HitecVision, a top Norwegian investment company specializing in energy. The objective? To acquire a 50% stake of Polska Grupa Biogazowa (PGB) for a striking €190 million.

With a productive capacity of over 450 GWh of equivalent biomethane across its 20 operational units, PGB leads the pack in Poland’s biogas sector. TotalEnergies took over the firm in 2023 that was initially founded back in 2007. The company presently oversees biogas units that manufacture electricity and heat through cogeneration (CHP).

PGB is currently amid constructing two plants in Poland and plans to broaden its horizons by venturing into biomethane production. The desire is to ramp up its equivalent biomethane production capacity to an impressive 2 TWh by 2030.

And the Norwegian counterpart echoes the sentiment. Erlend Ellingsen, CEO and Managing Partner of HitecVision, stressed how his company’s New Energy Program focuses on biogas and biomethane, and Poland offers a rewarding market to grow while contributing to the EU’s decarbonization.

With a robust industrial presence in Poland, TotalEnergies aims to scale PGB significantly within the next few years through greenfield projects and M&A. The two partners will apply their combined skills to drive this mission, subject to obtaining legal clearances and regulatory approvals.

This enterprise is another feather in the cap for TotalEnergies, already a force to reckon with in France’s biogas sector, boasting a staggering biogas production capacity exceeding 800 GWh. As part of their continuous growth strategy, TotalEnergies plans to expand its influence in Europe and America by sealing deals with leading firms, lifting the clean energy banner higher each day.