United States: TotalEnergies Acquires 50% of Clearway, the 5th Largest U.S. Renewable Energy Player
25 Maio 2022 - 3:00AM
Business Wire
Regulatory News:
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) announces the
signature of agreements with Global Infrastructure Partners (GIP)
to acquire 50% of Clearway Energy Group (CEG), the 5th US renewable
energy player. This constitutes its largest acquisition in the
renewable energy in the United States, one of the top 3 renewable
markets in the world. With such transaction, 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
Inc. (CWEN), 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
(NASDAQ: SPWR), 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.
As part of this partnership, TotalEnergies will contribute to
enhance Clearway’s growth prospects by providing CWEN in the U.S.
with access to its power trading capabilities and will give it
priority on the farm down of its own developed projects.
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.
This transaction complements the portfolio that TotalEnergies
has built up in the U.S. since the beginning of 2021:
- In large-scale solar, TotalEnergies is already developing 8 GW
of projects following the acquisition of a projects portfolio from
SunChase, its partnership with Hanwha Energy and the recent
acquisition of Core Solar.
- In offshore wind, TotalEnergies will develop 4 GW of projects
off the coast of New York and North Carolina, after having been
successful in tenders.
Finally, TotalEnergies welcomes GIP as an equity partner in
SunPower. SunPower is the second largest residential solar company
in the U.S., providing customers with fully integrated solar,
storage, home energy and financing solutions. TotalEnergies and GIP
are well-positioned to support together SunPower management’s
growth strategy.
“We are delighted with this partnership with Global
Infrastructure Partners, which is a major player in renewables,
particularly in the United States. It allows TotalEnergies to scale
up in the U.S. market, one of the most dynamic in the world,
benefiting from operating assets and a 25 GW high quality pipeline,
in wind, solar and storage, with a wide geographic coverage with a
presence in 34 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 U.S. At the
same time, GIP’s 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.
The scale, capabilities and ambition that both GIP and
TotalEnergies bring to this partnership will support our shared
vision to build industry-leading utility scale and distributed
renewables platforms in the U.S.,” said Adebayo Ogunlesi,
Chairman and CEO of Global Infrastructure Partners.
Both transactions are subject to customary conditions, including
receipt of requisite regulatory approvals.
TotalEnergies and renewable electricity
As part of its ambition to get to net zero by 2050,
TotalEnergies is building a portfolio of activities in renewables
and electricity. At the end of 2021, TotalEnergies' gross renewable
electricity generation capacity is more than 10 GW. TotalEnergies
will continue to expand this business to reach 35 GW of gross
production capacity from renewable sources and storage by 2025, and
then 100 GW by 2030 with the objective of being among the world's
top 5 producers of electricity from wind and solar energy.
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and
markets energies on a global scale: oil and biofuels, natural gas
and green gases, renewables and electricity. Our 105,000 employees
are committed to energy that is ever more affordable, clean,
reliable and accessible to as many people as possible. Active in
more than 130 countries, TotalEnergies puts sustainable development
in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.
@TotalEnergies TotalEnergies TotalEnergies
TotalEnergies
Cautionary Note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TotalEnergies SE directly or indirectly owns investments are
separate legal entities. TotalEnergies SE has no liability for
their acts or omissions. The terms “Company” or “TotalEnergies
company” refer collectively to the company TotalEnergies SE and the
companies it controls directly or indirectly. Such terms are used
solely for the sake of convenience for purposes of the present
communication. Likewise, the words “we”, “us” and “our” may also be
used to refer to subsidiaries in general or to those who work for
them. This document may contain forward-looking information and
statements that are based on a number of economic data and
assumptions made in a given economic, competitive and regulatory
environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TotalEnergies SE nor
any of its subsidiaries assumes any obligation to update publicly
any forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information,
future events or otherwise.
1 Powers are expressed in dc and correspond respectively in ac
to 7 GWac in operation and 22,3 GWac in development
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