TotalEnergies has made its “largest investment in US renewables” to date, acquiring a stake in developer Clearway Energy.
Under the terms of the deal TotalEnergies has formed a strategic partnership with fund manager Global Infrastructure Partners (GIP) wherein the former will take on 50% of GIP’s stake in Clearway Energy Group, a privately held company that owns a controlling stake and 42% economic interest in Clearway.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
GIP is to receive US$1.6 billion in cash and an approximately 50% interest in the Total subsidiary that owns 51% of US residential solar installer SunPower.
The deal comes amidst a flurry of investments made by TotalEnergies in the US renewables landscape, including the acquisition of solar and storage developer Core Solar last month and its US$250 million deal to pick up SunPower’s commercial and industrial rooftop solar unit in February.
Clearway, however, brings with it an operational portfolio of 5.7GW of renewables assets and a development pipeline sized at 22GW, swelling TotalEnergies’ own US-based renewables portfolio to 25GW.
8GW of large-scale solar projects are now under development, TotalEnergies said.
TotalEnergies is to contribute to Clearway’s growth by giving it first offer rights on the group’s US onshore renewables assets and access to the company’s “power marketing capabilities and corporate relationships”.
“This major transaction demonstrates the speed and magnitude of our transformation into a multi-energy company and the strength of our commitment to the United States,” said Patrick Pouyanné, chairman and CEO at TotalEnergies.
