The European Commission (EC) granted approval on Monday for TotalEnergies' acquisition of German company Quadra Energies, a renewable electricity aggregator.
"The Commission concluded that the proposed concentration would not raise competition concerns, given the limited market positions of the companies concerned resulting from the proposed transaction. The notified transaction was examined under the simplified merger control procedure," the EU said.
Quadra Energy, established in 2012, is a leading player in Germany's renewable electricity aggregation sector, boasting a "virtual" power plant with a capacity of 9 GW. TotalEnergies intends to utilize the vast knowledge and skills of Quadra Energy's 40 employees, along with their cutting-edge weather prediction platform.
