Landmark deal in the renewable energy market: Partners Group sells VSB Group to TotalEnergies

Founded in 1996, VSB operates throughout the renewable energy value chain, developing, building, owning, and managing renewables projects. The Company also provides technical and commercial management services for third-party assets and offers e-mobility solutions, such as charging infrastructure. VSB has successfully developed over 2.3 GW of renewable energy generating assets to-date and manages 3 GW of assets. As an independent power producer, VSB sells sustainably generated electricity from its wind and solar assets through renewable energy support schemes and power purchase agreements, which provide visible, long-term cashflows. Headquartered in Dresden, Germany, VSB is also active in France, Poland, Italy, Croatia, and Finland, with over 500 employees across 21 branches. The acquisition is expected to close in the first half of 2025, subject to customary regulatory approvals.

Partners Group acquired a majority stake in VSB in 2020 and has since transformed the Company from a mid-sized renewables developer into a leading pan-European renewables platform. Under Partners Group’s ownership, VSB has more than doubled its project pipeline from 8 GW to over 18 GW, significantly expanded its operating and under construction capacity from 53 MW to over 475 MW today and diversified across wind and solar PV, battery storage, and e-mobility technologies. These initiatives have driven a five-fold increase in EBITDA.

Partners Group is one of the largest firms in the global private markets industry, with around 1,800 professionals and approximately USD150bn in overall assets under management. The firm has investment programs and custom mandates spanning private equity, private credit, infrastructure, real estate, and royalties.

The international A&O Shearman team was led by partner Max Landshut and counsel Sebastian Remberg (both Corporate/M&A, both Hamburg) and comprised furthermore partners Florian Lechner (Tax), Dr. Udo Olgemöller (Public Law), Peter Wehner (Employment/Pensions) and Dr. Tim Müller (Compliance, all Frankfurt), counsels Marie-Luise von Buchwaldt (Corporate/M&A, Hamburg) and Dr. Achim Schmid (Corporate/M&A, Düsseldorf), senior associates Axel Jost, Dr. Jan Holst (both Corporate/M&A, both Hamburg), Dr. Tobias Wintermantel (Banking & Finance), Hauke Jung (Real Estate, both Frankfurt) and Merle Hermann (Employment, Hamburg), as well as associates Dr. Jonas Schuck, Charline Boulenger, Dr. Naemi Czempiel, Johann von Pachelbel-Gehag (Corporate/M&A), Carl-Philipp Hoepner (Real Estate, all Hamburg), Janina Müller (Public Law), Jan Henrich (Employment/Pensions), Damian Snop (Tax, all Frankfurt), Katharina Jünemann (IP/IT) and Pascal Yves Schroeder (Data Protection, both Düsseldorf).

Teams from the A&O Shearman offices in Paris, Luxembourg, Warsaw and Milan as well as from partner law firms in Finland and Croatia were also involved.