TotalEnergies strengthens its position in renewables in the United States

(AOF) – TotalEnergies jumped 4.4% to 54.6 euros, supported by rising energy prices. Investors also welcome the group’s significant investment in renewables in the United States. The major, which now presents itself as “multi-energy”, has signed agreements with Global Infrastructure Partners (GIP) for the acquisition of 50% of Clearway Energy Group (CEG), the 5th American player in renewable energies. This is its largest acquisition in renewable energy in the United States, one of the three main renewable markets in the world.

With this transaction of around 2.4 billion dollars according to Reuters, TotalEnergies is further accelerating its growth in the renewable energy sector by joining forces with GIP, one of the world’s leading infrastructure funds.

Clearway Energy Group (CEG) is a developer of renewable wind and solar farm projects and holds control and 42% of the economic rights of its listed subsidiary, Clearway Energy Inc. (CWEN), to which CEG transfers the renewable projects when they come into operation.

Through this acquisition, TotalEnergies establishes a major position in the US renewables and storage market.

As part of this transaction, GIP will receive $1.6 billion in cash and a 50% stake minus one share in the subsidiary of TotalEnergies, which owns 50.6% in SunPower, the leader in American residential solar power.

The transaction takes into account valuations of $35.1 per share for Clearway Energy Inc (CWEN) and $18 per share for SunPower.

As part of this partnership, TotalEnergies will help strengthen CWEN’s growth prospects by giving it access to its electricity trading capabilities in the United States and giving it priority on the farm-down of its developed projects. on its own.

The acquisition brings TotalEnergies’ renewable portfolio in the United States to more than 25 GW and contributes to the objective that the United States represent at least 25% of the company’s global objective of 100 GW by this horizon.

This new effort by the French group did not convince the environmental opponents who gathered in front of the Salle Pleyel this morning to get their message across at the annual general meeting.

These activists were demanding the company’s withdrawal from Russia and an end to its oil and gas projects.

Our transformation strategy is accompanied by a reshaping of the geopolitics of our portfolio in order to reassure our shareholders: less Russia, more the United States”, commented Patrick Pouyanné quoted by Reuters, present at the meeting.

TotalEnergies nevertheless once again defended the maintenance of its presence in Russia despite the war in Ukraine.

In any case, with 89% of the votes cast, the group’s shareholders issued a favorable advisory opinion on the Sustainability & Climate – Progress Report 2022, reporting on the progress made in implementing the ambition of the society in terms of sustainable development and energy transition towards carbon neutrality and its objectives in this area for 2030, and supplementing this ambition.

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