TotalEnergies has signed a sale and purchase agreement with HitecVision, a Norwegian investment company specializing in energy, for the sale of 50% of Polska Grupa Biogazowa ( PGB ) for an enterprise value of €190 million ( US$216 million ). Clifford Chance advised TotalEnergies.

With 20 units in operation and a production capacity of over 450 gigawatt-hours of equivalent biomethane, PGB is the leader in biogas in Poland. Founded in 2007 and acquired by TotalEnergies in 2023, PGB operates biogas production units that generate electricity and heat through cogeneration.

The company currently has two plants under construction in Poland and aims to diversify into biomethane production. PGB’s goal is to reach 2 terrawatt-hours of equivalent biomethane production capacity by 2030.

“We are delighted to welcome HitecVision as a partner for biogas production in Poland. This transaction will enable PGB to continue its growth in a country where biogas is rapidly developing and is in line with the farmdown business model applied to our renewable assets in order to maximize the profitability of our investments,” says Stéphane Michel, president of gas, renewables and power at TotalEnergies.

“Biogas and biomethane is a core focus for HitecVision’s New Energy Programme, and Poland represents a unique market opportunity to pursue profitable growth while contributing to the decarbonization of Poland and the EU," says Erlend Ellingsen, CEO and managing partner of HitecVision. "TotalEnergies has a well-established industrial footprint in Poland, and we as partners have complementary skillsets that we jointly will put to use for scaling PGB significantly over the next few years through greenfield projects as well as M&A.” 

In 2023 Clifford Chance also advised TotalEnergies on the acquisition of 100% of PGB's share capital.