TotalEnergies to buy 50% of Clearway for cash and SunPower interest

Clearway's Hurricane Creek solar farm in Illinois. Image by Clearway Energy Group.

May 25 (Renewables Now) - French multi-energy group TotalEnergies SE (EPA:TTE) has agreed to buy a 50% stake in US renewables developer Clearway Energy Group (CEG) and thus gain access to a 7.7-GW portfolio of operational wind and solar parks in the US.

The French firm said on Wednesday it will pay USD 1.6 billion (EUR 1.5bn) in cash to purchase the interest from Global Infrastructure Partners (GIP). In the frame of the transaction, GIP will also receive an interest of 50% minus one share in a TotalEnergies unit that has a 50.6% ownership in US residential solar installer SunPower Corp (NASDAQ:SPWR).

San Franciso-based Clearway Energy Group focuses on the development of renewable energy projects, which are transferred to its unit Clearway Energy Inc (NYSE:CWEN) after being commissioned. CEG has a 42% economic interest in CWEN, which owns 7.7 GW of wind and solar assets in operation. The developer has a 25-GW pipeline of renewable and battery storage projects, including 15 GW in an advanced development stage.

The acquisition is motivated by TotalEnergies’ plan to further grow in the renewable energy market and expand its footprint in the American power sector, while it boosts its US renewable portfolio to over 25 GW. The French company aims to have 35 GW of gross production capacity from renewable sources and storage by 2025 and reach 100 GW by 2030.

“This transaction perfectly fits with our strategy to make renewable electricity one of our main growth drivers [..],” said Patrick Pouyanne, chairman and CEO of TotalEnergies.

Both deals are subject to customary conditions and are pending regulatory clearance.

(USD 1.0 = EUR 0.935)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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