Total (TTE.US) to acquire VSB Group, a renewable energy company, for €2 billion.

Total (TTE.US) is close to buying VSB Group from private equity firm Partners Group Holding AG in a deal that values the German renewable energy project developer at about 2 billion euros ($2.1 billion), according to people familiar with the matter.

Total and Partners Group are in advanced talks that could result in an announcement as soon as in the next few days, the people said. The final agreement could still be delayed.

VSB Group offers project management and environmental planning services in the renewable energy sector. The company has projects in France, Germany, Poland and Italy involving solar, hydroelectric and wind power. It has more than 500 employees and 21 offices worldwide. Partners Group bought an 80% stake in VSB in 2020.

Partners Group, a Swiss acquisition company, is considering selling some of its infrastructure assets, worth more than $5 billion in total, as it seeks to capitalize on investor interest in the sector, media reported in March. VSB Group is one of the assets Partners has been looking to divest, the people said.

While some other European energy majors have slowed their pace, Total is expanding its renewable energy portfolio. Last year, the company bought the remaining shares of French clean energy developer Total Eren for 1.5 billion euros.

In Germany, Total is doubling down on offshore wind, as it sees prices staying stable over the long term. Last month, the company agreed to buy a 50% stake in two offshore wind projects from Germany's RWE.

Total agreed to pay about 5.8 billion euros for the lease rights to two wind farm sites in the North Sea and Baltic Sea in 2023, a deal that was the biggest auction in Germany and one of the most expensive in the world. The French oil major also acquired renewable energy sales company Quadra Energy.

Total's shares have fallen about 11% this year, and the company is worth about 131 billion euros.