Partners Group is selling German renewable energy platform VSB Group to TotalEnergies for €1.6 billion ($1.7 billion) as private equity-backed exits in the cleantech sector continue to slow.
Partners Group first invested in VSB in 2020 and has since helped the company expand, diversifying into solar PV, battery storage and e-mobility solutions.
The exit goes against a general trend of declining exits as PE investment in the sector continues to grow.
According to PitchBook data, the last time exits peaked in cleantech was in 2021, when the European market counted 57 exits worth more than €7 billion.
Since then, exits have steadily slowed—this year, they have hit a record low, counting only 13 so far, excluding VSB.
The increased pace of PE dealmaking in cleantech is expected to provide a boost in exit activity down the line.
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