UPDATE - GIP views SunPower investment as initial commitment to DG space
A 2.25-MW SunPower solar system on Macy’s and Bloomingdale’s Fulfillment Center in Joppa, Maryland. Source: SunPower Corp
Global Infrastructure Partners (GIP) today confirmed its new strategic partnership with France’s TotalEnergies SE (EPA:TTE) through which they will swap stakes in renewables developer Clearway Energy Group (CEG) and residential solar installer SunPower Corp (NASDAQ:SPWR).
As announced earlier by the French multi-energy group, TotalEnergies will buy a 50% stake in CEG, owner of a 42% interest in Clearway Energy Inc (NYSE:CWEN), in exchange for a USD-1.6-billion (EUR 1.5bn) cash payment and a 50%-minus-one-share interest in the TotalEnergies subsidiary that holds its 51% stake in SunPower.
The New York-based independent infrastructure fund manager said in a statement that SunPower represents its first investment in distributed energy resources and that GIP alongside its French partner are well-positioned to support the company’s growth strategy.
“GIP’s investment in SunPower is our initial commitment in the distributed generation space, which we believe will provide critical solutions to facilitate the nation’s clean energy future. The scale, capabilities and ambition that both GIP and TotalEnergies bring to this partnership will support our shared vision to build industry-leading utility scale and distributed renewables platforms in the US,” commented Adebayo Ogunlesi, chairman and CEO of Global Infrastructure Partners.
Meanwhile, the listed Clearway Energy business will receive a right of first offer on the US onshore renewable assets of TotalEnergies along with access to the latter’s US power marketing capabilities and corporate relationships.