TotalEnergies acquires stake in US renewable energy player
TotalEnergies has agreed with Global Infrastructure Partners (GIP) to acquire 50% of Clearway Energy Group (CEG) - the fifth largest US renewable energy player.
This constitutes its largest acquisition in the renewable energy in the US, one of the top three renewable markets in the world.
TotalEnergies is further accelerating its growth in the renewable energy sector by partnering with 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, into which projects are dropped when they reach commercial operation.
With this acquisition, TotalEnergies is establishing a major position in the US renewable energy and storage market.
“We are delighted with this partnership with Global Infrastructure Partners, which is a major player in renewables, particularly in the United States. This transaction perfectly fits with our strategy to make renewable electricity one of our main growth drivers along with liquefied natural gas that we have recently reinforced with the launch of Cameron extension. It illustrates our priority to accelerate the transformation of the company to become a sustainable and profitable multi-energy company,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
“We are extremely pleased to partner with TotalEnergies to continue leading the energy transition in the U.S. We are proud of the growth and accomplishments of the Clearway team since our initial investment in 2018, and we are confident that with TotalEnergies as a partner, Clearway will be able to accelerate the deployment of cost competitive renewable power in the US,” said Adebayo Ogunlesi, chairman and CEO of Global Infrastructure Partners.