Sustainability | 2 min read | November 2025
Nomura Greentech advised Partners Group on the sale of leading German renewables developer VSB Group to TotalEnergies.
Nomura Greentech advised Partners Group on the sale of leading German renewables developer VSB Group to TotalEnergies for 1.6 billion euros underscoring the value of critical renewables assets as green energy targets loom.
Germany is targeting 80% of its electricity from renewable sources by 2030 and 100% by 2035, effectively giving large renewables platforms the status of critical infrastructure. Germany had reached 54% renewable electricity in 2024 according to the Federal Ministry for Economic Affairs and Energy.
TotalEnergies itself has a goal of 100 gigawatts of renewable energy capacity by 2030. Partners Group acquired a majority stake in VSB in 2020, transforming the company from a mid-sized renewables developer into a leading pan-European platform. Over the past five years VSB has doubled its project pipeline from 8 GW to over 18 GW, and diversified across wind and solar PV, battery storage, and e-mobility technologies, driving a five-fold increase in pre-tax earnings.
“Even as a backlash against green energies builds in some parts of the world, decarbonization is clearly a long-term megatrend making assets like VSB very valuable,” says Laurent Dallet, Managing Director at Nomura Greentech.”
VSB, headquartered in Dresden, Germany, has benefited from strong thematic tailwinds in recent years, including an increased emphasis on corporate decarbonization goals, regulatory support for clean energy, and a heightened focus on energy independence following Russia’s invasion of Ukraine. The company’s footprint spans a large presence in Germany as well as France, Poland, Finland, Italy and Croatia.
Germany’s robust regulatory framework and long-term commitment to renewable energy is attractive to international investors. At the end of 2024, Germany had nearly 29,000 onshore wind turbines after 745 new turbines with a capacity of 3,251 MW were erected last year. The total installed capacity of onshore wind energy is 63,461 MW.
Nomura Greentech structured an M&A process targeting both strategic and financial buyers, with early education, direct management access, and frequent buyers’ interactions to maximize speed and transaction success. The Nomura team also emphasised upside value levers such as repowering and hybridisation, as well VSB’s integrated business model and operational excellence.
Positioning VSB as a “wind-centric” platform was key to capturing demand for wind assets, while also leveraging the benefits of VSB as a multi-technology platform offering smoother deployment of renewables and an ability to mitigate regulatory challenges, says Christopher Mayer, Managing Director at Nomura Greentech.
“The scarcity of wind platforms, the ability to transition to an IPP, and pipeline quality are among the key value drivers in the current market,” says Mayer.”
Managing Director, Nomura Greentech
Managing Director, Nomura Greentech
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