TotalEnergies sells 50% stake in Polish biogas leader to HitecVision

A Polska Grupa Biogazowa (PGB) biogas plant. TotalEnergies is selling 50% of the biogas producer to Norwegian investment company HitecVision. (Image: PGB)

TotalEnergies has agreed to sell a 50% stake in Polska Grupa Biogazowa (PGB), Poland’s leading biogas producer, to HitecVision, a Norwegian investment company focused on energy, for an enterprise value of €190 million. The transaction, announced May 17, supports TotalEnergies’ strategy of leveraging partnerships to expand its renewable energy portfolio while optimizing returns.

PGB operates 20 biogas units across Poland with a total production capacity exceeding 450 GWh of biomethane equivalent. The company generates electricity and heat through combined heat and power (CHP) technology. Since acquiring PGB in 2023, TotalEnergies has backed its growth, including the development of two new facilities currently under construction. PGB is targeting 2 TWh of biomethane production capacity by 2030, with a strategic shift toward biomethane as a decarbonized fuel source.

“We are delighted to welcome HitecVision as a partner for biogas production in Poland,” said Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies. “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.”

For HitecVision, the move aligns with its New Energy Program, which seeks to support the energy transition by scaling decarbonized energy platforms across Europe.

“Biogas and biomethane is a core focus for HitecVision’s New Energy Program, and Poland represents a unique market opportunity to pursue profitable growth while contributing to the decarbonization of Poland and the EU,” said 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.”

The closing of the transaction remains subject to regulatory and governmental approvals.

Headquartered in Stavanger, Norway, with offices in Oslo, London, and Milan, HitecVision is a private equity firm focused on building sustainable energy companies in Europe. With around €9 billion in assets under management, the firm has established or invested in over 200 energy companies since its founding nearly four decades ago. HitecVision’s New Energy Program focuses on accelerating decarbonization through strategic investments in renewable and low-carbon energy platforms.