- TotalEnergies has acquired 50% stake in Clearway Energy Group from GIP for $1.6 billion in cash in the US
- GIP also acquires 50% stake less one share in TotalEnergies subsidiary that holds 50.6% stake in SunPower
- Clearway Energy’s subsidiary Clearway Energy has 25 GW strong pipeline of renewables and storage projects and 7.7 GW of operational wind and solar assets in the US
French energy group TotalEnergies has made its largest renewable energy acquisition in the US with 50% acquisition of wind and solar projects developer Clearway Energy Group (CEG) from Global Infrastructure Partners (GIP) with its 25 GW strong pipeline of renewables and storage projects.
Interestingly, CEG had bought SunPower’s 4.7 GW strong utility scale business in September 2018. TotalEnergies is majority stakeholder in US based SunPower and recently purchased the latter’s Commercial & Industrial Solutions business in February 2022 (see SunPower Finds Buyer For CIS Business).
At present, CEG through its subsidiary Clearway Energy Inc (CWEN) has a 15 GW pipeline at an advanced stage of development along with 7.7. GW of renewable wind and solar assets in operation. TotalEnergies has purchased its stake from GIP in lieu of $1.6 billion in cash and a 50% stake less one share in the subsidiary of the French giant that holds 50.6% stake in SunPower.
For CWEN, the backing of TotalEnergies will strengthen its growth prospects by giving it access to its electricity trading capabilities in the US and give it priority on the farm-down of its developed projects on its own, stated the French company.
With this acquisition, TotalEnergies now holds more than 25 GW renewables portfolio in the US aligned with its target for the country to represent at least 25% of its global objective of 100 GW. It now is developing 8 GW of large scale projects in the US.
“I am delighted with this partnership with Global Infrastructure Partners, which is a major player in renewables, particularly in the United States,” said Chairman and CEO of TotalEnergies, Patrick Pouyanné. “It allows TotalEnergies to change scale on the American market, one of the most dynamic in the world, by benefiting from assets in production, a pipeline of 25 GW of quality in both wind, solar and and in storage and wide geographic coverage with a presence in 34 states.”
For GIP, the stake in SunPower is its 1st commitment to distributed solar.
In April 2022, TotalEnergies acquired solar and storage company Core Solar in the US (see TotalEnergies Acquires Core Solar In US).