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12/2025

VSB GROUP acquired by TOTALENERGIES

GERMANY Power Generation / Renewables EV €1–10bn

Context

The global energy leader has successfully finalized a series of strategic acquisitions across Europe, North America, and Africa, marking a decisive expansion of its renewable generation capabilities. This transaction represents a definitive move to incorporate a specialized German wind and solar developer into the group’s broader power division. The strategic rationale for the move centers on the acquirer’s objective to broaden its technical operational depth in project development and secure a multi-gigawatt pipeline of future assets. By incorporating these technical specialists, the organization reinforces its ability to manage high-capacity renewable projects from development through operation. The partnership is designed to leverage the acquirer’s financial depth to accelerate the commissioning of solar and wind farms in stable European and North American markets, while simultaneously securing critical hydroelectric capacity in emerging regions. This integration facilitates the scaling of the firm’s total renewable capacity, providing the strategic resources required to navigate the global shift toward electrification. The move solidifies the group’s standing as a primary enabler of the energy transition, ensuring the delivery of high-volume low-carbon electricity on a global scale.

By taking control of Vsb Group, Totalenergies continues its expansion strategy. Previously, the group had completed 2 acquisitions, including Energetický A PrůMyslový Eph in 2025.

VSB GROUP, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of [members only].

Target

VSB Group is a specialized technology organization dedicated to the development, engineering, and operational management of renewable energy plants. The entity’s business model is centered on a full-lifecycle framework for wind and photovoltaic assets, ranging from initial greenfield site identification and permitting to technical maintenance and strategic repowering. Its value proposition is anchored in providing technical operational depth within complex European regulatory frameworks, ensuring the bankability and industrialized performance of sustainable energy clusters. Strategically, the firm focuses on the expansion of high-capacity onshore wind and solar projects, leveraging proprietary data to optimize energy yields across diverse geographic topographies. By maintaining a robust pipeline of development projects, the organization ensures a mission-critical role in the structural transition toward carbon-neutral power grids. The entity prioritizes technical excellence in grid connection and resource assessment to facilitate long-term energy security.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
[members only]
[members only]
[members only]
2024
[members only]
[members only]
[members only]

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List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
06/2026BALLARD POWER SYSTEMSGEOPURAUNITED KINGDOMRenewables
05/2026OTOVOSUNSYSTEM TECHNOLOGYUNITED STATESSolar / PV
11/2025TOTALENERGIESENERGETICKÝ A PRŮMYSLOVÝ EPHCZECH REPUBLICConventional Power (Nuclear, Gas, Coal)
06/2025ARESPLENITUDEITALYRenewables
03/2025ARDIANAKUOFRANCERenewables
03/2025BROOKFIELDNeoenFRANCESolar / PV
11/2024KKRGreenvoltPORTUGALSolar / PV
11/2024MasdarTERNA ENERGYGREECERenewables
09/2024PPC GROUPCOPELOUZOS WIND PORTFOLIOGREECERenewables
06/2024KKREncavisGERMANYSolar / PV

REFERENCES

Valuation range: EV €1–10bn

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of VSB GROUP by TOTALENERGIES are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Acquirer: totalenergies