MADRID, 25 May. (EUROPA PRESS) –
The French oil company TotalEnergies has signed an agreement with the Global Infrastructure Partners (GIP) fund to acquire 50% of Clearway Energy Group (CEG), the fifth largest renewables company in the United States, in exchange for 1,600 million dollars (1,494 million euros) in cash and a stake in the subsidiary of the French company that controls SunPower.
Specifically, within the framework of the transaction, GIP will receive 1,600 million dollars in cash and a 50% stake minus one share in the subsidiary of TotalEnergies that owns 50.6% of the capital of SunPower Corporation, a leading company in solar energy residential in the US
With this acquisition, TotalEnergies establishes an important position in the US renewable energy and storage market where Clearway has 7.7 GW of wind and solar assets in operation through its listed subsidiary Clearway Energy (CWEN) with a portfolio of renewable and storage projects of 25 GW, of which 15 GW are in an advanced stage of development.
The President and CEO of TotalEnergies, Patrick Pouyanné, highlighted that this association with GIP allows TotalEnergies to scale in the US market, one of the most dynamic in the world, with a wide geographical coverage with a presence in 34 states.
“This operation fits perfectly with our strategy of making renewable electricity one of our main growth engines along with liquefied natural gas,” he added.