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TotalEnergies makes its largest acquisition to date in US renewables sector
1/6/2022
News
TotalEnergies is to acquire from Global Infrastructure Partners (GIP) a 50% stake in Clearway Energy Group (CEG), the US’ fifth largest renewable energy player. It is TotalEnergies’ largest acquisition in the US renewable energy sector to date, one of the top three renewable markets in the world.
Headquartered in San Francisco, Clearway has 7.7 GW 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.
GIP will receive $1.6bn in cash under the deal, and an interest of 50% minus one share in the TotalEnergies subsidiary that holds its 50.6% ownership in SunPower, the second largest residential solar company in the US.
The acquisition brings TotalEnergies’ renewable portfolio in the US to more than 25 GW and contributes to the company’s stated objective that the US will account for at least 25% of its global target of 100 GW by 2030.
‘This transaction perfectly fits with our strategy to make renewable electricity one of our main growth drivers along with LNG 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,’ says Patrick Pouyanné, Chairman and CEO of TotalEnergies.
TotalEnergies recently unveiled plans for a carbon capture project to decarbonise LNG production at Cameron LNG, located in south-west Louisiana, US. Working with Sempra Infrastructure, Mitsui and Mitsubishi, the Hackberry Carbon Sequestration (HCS) project will capture, transport and store up to 2mn t/y of CO2 from the natural gas liquefaction and export facility.
TotalEnergies has a global LNG market share of around 10%. The company reports that it plans to increase the share of natural gas in its sales mix to 50% by 2030, reduce the gas value chain’s carbon emissions, eliminate methane emissions and work with local partners to promote the transition from coal to natural gas.
