Total Energy announces the largest renewable energy acquisition in America - Energy

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France’s Total Energy announced the signing of agreements to acquire 50% of Clearway Energy Group, the fifth largest US renewable energy company.

Through this transaction, the French energy company is accelerating its growth in the renewable energy sector, in partnership with Global Infrastructure Partners, a leading global infrastructure fund.

This constitutes Total Energy’s largest acquisition of renewable energy in the United States, which is one of the 3 largest renewable markets in the world, according to an official statement issued by the company.

This acquisition brings Total Energy’s renewable energy portfolio in the United States to more than 25 GW, and contributes to the goal that the United States will account for at least 25% of the company’s global target of 100 GW by 2030.

The renewable energy market in America

With this acquisition, Total Energy is establishing a key position in the US renewable energy and storage market.

Clearway Energy Group is a developer of renewable energy projects and controls, and holds 42% of the economic interests of its listed subsidiary Clearway Energy, to which projects are handed over when they reach commercial operation.

Clearway has 7.7 GW of operational wind and solar assets through its subsidiary Clearway Energy, and has a portfolio of 25 GW renewable energy and storage projects, of which 15 GW are in advanced development.

As part of the transaction, Global Infrastructure Partners will receive $1.6 billion in cash and 50% interest less a single stake in Total Energy subsidiary, which owns 50.6% of SunPower, the leading US residential solar energy company.

The deal takes into account valuations of $35.1 per share for Clearway Energy and $18 per share for SunPower.

Renewable energy

Total Energy Strategy

CEO and Chairman of Total Energy, Patrick Pouyanne, expressed his delight at this partnership with Global Infrastructure Partners, which is a major player in renewable energy, particularly in the United States.

He said: “This allows Total Energy to expand into the US market, which is one of the most dynamic markets in the world, benefiting from operational assets and a portfolio of high-quality projects with a capacity of 25 GW, in the areas of wind, solar and storage, with a wide geographical coverage within the presence of in 34 states.

“This transaction is fully aligned with our strategy to make renewable electricity one of our key growth drivers, along with the LNG we recently enhanced with the launch of Cameron’s expansion, and it demonstrates our priority to accelerate the company’s transformation into a sustainable, profitable and diversified energy company.”

Total Energy
President Joe Biden walks through solar panels as he tours the Renewable Energy Initiative in Plymouth, New Hampshire, when he runs for president (Photo: Reuters)

America’s energy transition

Adebayo Ogunlisi, CEO and Chairman of Global Infrastructure Partners, said: “We are very pleased to partner with Total Energy to continue to lead the energy transition in the United States.”

“We are proud of the growth and accomplishments of the Clearway team since our initial investment in 2018, and are confident that with Total Energy as a partner, Clearway will be able to accelerate the deployment of cost-competitive renewable electricity in the United States.”

He also emphasized that “Global Infrastructure Partners’ 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.”

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