TotalEnergies has secured approximately €440m ($501.6m) in debt financing for a portfolio of 11 battery energy storage projects with a combined capacity of 789MW in Germany.

Watson Farley & Williams (WFW), a London-based law firm, advised TotalEnergies on the arrangement.

This portfolio forms part of TotalEnergies’ strategy to enhance critical energy infrastructure in the German market.

The financing has been arranged by a syndicate of ten financial institutions.

The projects have been developed by Kyon Energy, a subsidiary of TotalEnergies that specialises in large-scale battery energy storage systems (BESS). TotalEnergies maintains operational control over all assets.

Most of these projects will use battery technology supplied by Saft, a TotalEnergies subsidiary globally recognised for its expertise in advanced battery solutions.

This development follows TotalEnergies’ strategic alliance with Allianz Global Investors (AllianzGI), formed through the sale of a 50% stake in the portfolio, a transaction on which WFW also advised.

With the completion of the financing, the transaction has been fully executed.

The cross-border WFW Energy team advising TotalEnergies was headed by project finance partner Stefan Kilgus, with support from managing associate Marlene Kowerk and associate Helena Hopmann.

Kilgus said: “We are delighted to have advised TotalEnergies on another key milestone for this landmark battery storage portfolio.

“Advising on both the strategic partnership with Allianz GI and the subsequent financing demonstrates WFW’s ability to provide seamless support across the full life cycle of complex energy infrastructure transactions.

“Battery storage will play a critical role in strengthening Germany’s electricity system and enabling the continued expansion of renewables energies.”

In April this year, TotalEnergies made a final investment decision and secured financing for the 1GW Mirny project, an onshore wind farm with a 600MW-hour BESS in south-east Kazakhstan.