TotalEnergies To Acquire Controlling Stakes In Clearway Energy Group, Cites Enhancements To Power Marketing Under Transaction
May 25, 2022 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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Global Infrastructure Partners (GIP) and TotalEnergies said that they have formed a strategic partnership under which TotalEnergies will acquire half of GIP's interest in Clearway Energy Group (Clearway), a privately held renewable development company that owns a controlling stake with a 42% economic interest in Clearway Energy, Inc.
In consideration, GIP will receive $1.60 billion in cash, plus an approximately 50% interest in the TotalEnergies subsidiary that holds its 51% ownership in SunPower Corporation (with the final amounts subject to purchase price adjustments).
The companies said that Clearway owns the fifth largest operating portfolio of non-regulated renewable assets in the U.S. (5.7 GW) and a 22 GW development pipeline and will represent TotalEnergies' largest investment in U.S. renewables to date.
"TotalEnergies will enhance Clearway's growth prospects by providing (i) a right of first offer on its U.S. onshore renewable assets to CWEN [Clearway Energy, Inc.], and (ii) access to TotalEnergies' U.S. power marketing capabilities and corporate relationships to optimize and enhance the commercial value of Clearway's development and operating projects," TotalEnergies said
Since early 2021, TotalEnergies has secured a development pipeline of 8 GW onshore renewables and 4 GW offshore wind in the U.S.
SunPower is said to be the second largest residential solar company in the U.S., providing customers with "fully integrated" solar, storage, home energy and financing solutions.
Both transactions are subject to customary conditions, including receipt of requisite regulatory approvals.