TotalEnergies has signed agreements with Global Infrastructure Partners (GIP) to acquire 50% of Clearway Energy Group (CEG), one of the largest US renewable energy players. CEG is a developer of renewables projects and owns 42% of Clearway Energy (CWEN), into which projects are dropped when they reach commercial operation. Clearway has 7.7 GW of wind and solar projects in operation through CWEN and has a 25 GW pipeline of renewable and storage projects, of which 15 GW are in an advanced stage of development. Under the terms of the transaction, GIP will receive US$1.6bn in cash and an interest of 50% minus one share in the TotalEnergies subsidiary holding its 50.6% ownership in SunPower Corporation. Both transactions are subject to customary conditions, including receipt of requisite regulatory approvals.
The acquisition will bring TotalEnergies' renewable portfolio in the U.S. to more than 25 GW. The company is already developing 8 GW of solar projects following the acquisition of a projects portfolio from SunChase, its partnership with Hanwha Energy and the recent acquisition of Core Solar. In addition, TotalEnergies will develop 4 GW of offshore wind projects off the coast of New York and North Carolina, after having been successful in tenders.
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