TotalEnergies acquires 50% of Clearway Energy in the USA | photo credits: shutterstock
PARIS, May 25 (Reuters) – TotalEnergies announced on Wednesday the signing of agreements with Global Infrastructure Partners (GIP) for the acquisition of 50% of Clearway Energy Group (CEG), the fifth player in renewable energies in the United States.
The French group intends through this operation to accelerate its growth in the renewable energy sector.
“As part of this transaction, GIP will receive 1.6 billion dollars (1.5 billion euros) in cash and a 50% stake less one share in the subsidiary of TotalEnergies which holds 50.6% in SunPower” , the American subsidiary of the French group specializing in residential solar, said TotalEnergies in a press release.
This acquisition brings TotalEnergies’ total renewable energy capacity in the United States to more than 25 gigawatts (GW).
This partnership with Global Infrastructure Partners “allows TotalEnergies to change scale in the American market, one of the most dynamic in the world,” said Patrick Pouyanné, CEO of the French giant, in a press release.
“The transaction fits perfectly with our strategy to make renewable electricity one of our main growth engines alongside liquefied natural gas, which we have also recently reinforced in the United States,” he added.
Clearway, headquartered in San Francisco, has 7.7 GW of renewable wind and solar assets in operation through its subsidiary CWEN and has a pipeline of 25 GW of renewable and storage projects. (Written by Marc Angrand, Camille Raynaud and Laetitia Volga,)