PARIS: TotalEnergies has signed a sale and purchase agreement with HitecVision, a Norwegian investment firm specializing in energy, to sell 50% of Polska Grupa Biogazowa for an enterprise value of €190 million.
Polska Grupa Biogazowa, Poland’s leading biogas producer, operates 20 units with a production capacity exceeding 450 GWh of equivalent biomethane. Founded in 2007 and acquired by TotalEnergies in 2023, the company generates electricity and heat through cogeneration. It is currently constructing two plants in Poland and plans to expand into biomethane production, aiming for 2 TWh of equivalent biomethane capacity by 2030.
“We are delighted to welcome HitecVision as a partner for biogas production in Poland,” said Stéphane Michel, president of gas, renewables and power at TotalEnergies. “This transaction will enable PGB to continue its growth in a country where biogas is rapidly developing and aligns with our farmdown business model to maximize investment profitability.”
HitecVision views the agreement as an opportunity to expand its presence in Poland’s biogas sector.
“Biogas and biomethane are core focuses for HitecVision’s New Energy Program, and Poland offers a unique market opportunity for profitable growth while contributing to decarbonization in Poland and the EU,” said Erlend Ellingsen, CEO and managing partner of HitecVision. “TotalEnergies has an established footprint in Poland, and together we will leverage our complementary expertise to scale PGB significantly through greenfield projects and mergers and acquisitions.”
The transaction is subject to regulatory and governmental approvals.