TotalEnergies has signed a deal with institutional investor in the global energy sector, EIG to acquire all shares of West Burton Energy for an enterprise value of of £450 million.

West Burton Energy owns and operates the West Burton B gas-fired power plant in Nottinghamshire, in England. West Burton B comprises three combined-cycle gas turbines (CCGT) with total output of 1.3 GW. Commissioned in 2013, it is one of the UK’s most advanced power plants and supplies some 1.8 million homes. A 49 MW battery storage system was added in 2018.

This acquisition aligns with TotalEnergies strategy to strengthen its renewable power generation in the UK by acquiring a flexible asset that helps manage the inconsistency of renewable energy sources.

Currently, the company has renewable portfolio in UK amounts to 1.1 Gigawatt (GW) of installed capacity, and also has 4.5 GW under development.

TotalEnergies assesses its need for gas-based power generation capacity at 700 MW; the Company therefore plans to divest 50% of the acquired assets.

The deal will also strengthen TotalEnergies’ trading capabilities in the country’s electricity and gas markets, as well as its ability to provide increasingly affordable, available and sustainable energy to its 300,000 UK electricity and gas customer sites.

Additionally, TotalEnergies will increase its global flexible power generation portfolio to around 7 GW of gross capacity, in addition to its 23 GW of gross renewable capacity.

“I am delighted to welcome the West Burton B team to TotalEnergies. This acquisition contributes to our integrated strategy in the UK, which combines renewable and flexible generation capacity. It complements our 1.1 GW Seagreen offshore wind farm and allows us to accelerate development of our Integrated Power activities in power generation, trading and marketing in this market,” said Stéphane Michel, President, Gas, Renewables and Power at TotalEnergies. “The deal also contributes directly to our 2028 ROACE target of around 12% in this business sector.”