- TotalEnergies in 2023 acquired 100% of PGB, the biogas leader in Poland.
   - In 2024, PGB has 450 GWh of equivalent biomethane capacity and aims for 2 TWh by 2030.
   - In 2025, TotalEnergies sells 50% of PGB to HitecVision.

TotalEnergies has signed a Sale and Purchase Agreement (SPA) 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.

With 20 units in operation and a production capacity of over 450 GWh 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 (CHP). PGB currently has 2 plants under construction in Poland and aims to diversify into biomethane production. PGB’s goal is to reach 2 TWh 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”, said Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies.

“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. 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”, said Erlend Ellingsen, CEO and Managing Partner of HitecVision.

The completion of the transaction is subject to obtaining applicable governmental and regulatory approvals.

About HitecVision

HitecVision is a leading provider of institutional capital to Europe’s energy industry, helping build successful companies within energy production, infrastructure and related businesses. We have been investing in the energy industry for more than three decades, starting out in the oil and gas industry before turning to a new focus on renewables and the energy transition.

We are serial entrepreneurs, having established or invested in more than 200 companies in the energy industry over more than 30 years. Our large and diverse investment team consists of professionals with extensive operational and investment experience from all parts of the industry. This enables us to create value by building profitable and sustainable companies.

About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.