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TotalEnergies to Buy Stake in US Renewables Firm Clearway Energy

May 25, 2022 EnergyNow Media

May 24, 2022

TotalEnergies SE said it will acquire a stake in a large US renewables developer, another move by the European energy giant to expand its footprint in the American power sector.

The French firm agreed to buy a 50% stake in Clearway Energy Group from Global Infrastructure Partners for $1.6 billion in cash, it said in a statement on Wednesday. GIP will also receive a stake in a TotalEnergies unit that has ownership in SunPower Corp., a US residential solar company, the statement said.

GLJ

The move comes as energy companies deeply involved in the fossil fuel business review their portfolios and snatch up green assets amid a global effort to curb emissions.

TotalEnergies bought a controlling stake in SunPower in 2011. The Clearway acquisition brings Total’s US renewable portfolio to more than 25 gigawatt capacity, it said in the statement.

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