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TotalEnergies agrees to acquire 50% of Clearway Energy Group


Environmental Sustainability

TotalEnergies agrees to acquire 50% of Clearway Energy Group

TotalEnergies said it had decided to purchase 50% of Clearway Energy Group, the fifth-largest renewables firm in the U.S, marking the French conglomerate’s largest U.S renewables energy acquisition.

TotalEnergies has been branching out into the rapidly growing renewable energy sector and diversifying away from petroleum-based activities in recent years.

The firm will team up with Global Infrastructure Partners (GIP) for the acquisition. As a part of the agreement, GIP will receive $1.6 billion in cash and an interest of 50% minus one share in a subsidiary of TotalEnergies that holds its 50.6% ownership in SunPower Corporation.

TotalEnergies said the transaction considers valuations of $35.1 per share of ClearWay Energy and $18 per share for SunPower.

Patrick Pouyanne, the Chairman and CEO of TotalEnergies, said the acquisition allowed TotalEnergies to scale up in the U.S market, one of the most dynamic renewable energy markets in the world and will benefit from operating assets and a 25 GW high-quality pipeline in solar, wind, and storage, with comprehensive geographical coverage with a presence in 34 U.S states.

Clearway has 7.7 gigawatts (GW) of solar and wind assets in operation through its listen subsidiary CWEN and a 25 GW pipeline of storage and renewable projects.


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