USA: TotalEnergies acquires 50% of Clearway
The acquisition of the 5th US renewable energy player will strengthen TotalEnergies place in the sector.
TotalEnergies will acquire 50% of Clearway Energy Group (CEG), the 5th US renewable energy player. This is the global oil company’s largest acquisition in the renewable energy in the United States. TotalEnergies is further accelerating its growth in the renewable energy sector by partnering with Global Infrastructure Partners (GIP), a leading global infrastructure fund.
CEG is a developer of renewables projects and controls and owns 42 % of economic interest of its listed subsidiary, Clearway Energy Inc., into which projects are dropped when they reach commercial operation.
With this acquisition, TotalEnergies is establishing a major position in the U.S. renewable energy and storage market. Clearway has 7.7 GW1 of wind and solar assets in operation through its listed subsidiary CWEN and has a 25 GW pipeline of renewable and storage projects, of which 15 GW are in an advanced stage of development. Headquartered in San Francisco, Clearway has approximately 760 employees.
In the frame of this transaction, GIP will receive $1.6 billion in cash and an interest of 50% minus one share in the TotalEnergies subsidiary that holds its 50.6% ownership in SunPower Corporation, leader in residential solar in the U.S. The transaction takes into account valuations of $35.1 per share for CWEN and $18 per share for SunPower.
The acquisition brings TotalEnergies' renewable portfolio in the U.S. to more than 25 GW and contributes to the objective that the United States account for at least 25% of the Company's global target of 100 GW by that time.
