The Leipzig-based gas group VNG has sold almost half of its biogas subsidiary Balance Erneuerbare Energien GmbH to a new partner. As the gas trader announced, the fund manager CVC DIF is to acquire 49 percent of the shares in the VNG subsidiary. The aim is to further drive the company's growth.
The partnership is intended to help expand Balance as the leading biogas platform in Germany. VNG will remain the majority owner. Balance's 42 plants are mainly located in northern and eastern Germany and, according to the company, can supply more than 180,000 households with climate-friendly energy every year.
Biogas is considered an important building block for the energy transition - primarily because it can be generated regardless of the weather and therefore complements wind and solar power. CVC DIF's investment is part of the Group's "VNG 2030" strategy, with which the company aims to focus more strongly on renewable and decarbonized gases such as biogas and hydrogen.
The closing of the transaction is still subject to approval by the antitrust authorities.
