Clearway Energy Group

Clearway Energy Group is a development and operation company with experience in every phase of clean energy projects.

History

2022: TotalEnergies bought a controlling stake in the manufacturer for $1.6 billion

On May 25, 2022, TotalEnergies announced the purchase of a 50% stake in Clearway Energy Group, the fifth largest renewable energy company in the United States, which was the largest acquisition of the French group in the field of green energy in the United States.

TotalEnergies expands its activities in the fast-growing renewable energy sector and diversifies its activities away from hydrocarbon activities. The company said it will merge with Global Infrastructure Partners (GIP) as a result of the acquisition. As part of the deal, GIP will receive $1.6 billion in cash and a 50% stake minus one share in a subsidiary of TotalEnergies, which owns a 50.6% stake in SunPower, an American residential solar panel company, the statement said. The deal provides a valuation of $35.1 per share for ClearWay Energy and $18 per share for SunPower, Total added.

TotalEnergies bought a controlling stake in a renewable energy producer for $1.6 billion

{{quote 'This will allow TotalEnergies to expand the scope of activity in the US market, one of the most dynamic in the world, taking advantage of existing assets and a high-quality 25 GW pipeline in the field of wind power, solar power and storage, with wide geographical coverage and presence in 34 states, "said TotalEnergies Chairman and Chief Executive Officer Patrick Puyanne. }} Clearway has 7.7 GW of energy generated by wind and solar power plants that are in operation through its stock-listed subsidiary CWEN, as well as 25 GW of energy from renewable energy and storage projects.

As part of a partnership with GIP, TotalEnergies said it would help expand Clearway's growth prospects by providing access to its power trading opportunities and give it priority in implementing its own developed projects.

{{quote 'This deal fits perfectly into our strategy to make renewable electricity one of the main drivers of growth along with liquefied natural gas, which we recently stepped up with the launch of the Cameron extension project. It illustrates our priority to accelerate the company's transformation to become a sustainable and profitable multi-energy company, "Patrick added. }} Adebayo Ogunlesi, GIP's chief executive, said he is confident that with TotalEnergies as a partner, Clearway will be able to accelerate the rollout of cost-competitive renewable energy in the U.S.

{{Quote 'The scope, capabilities and ambitions that GIP and TotalEnergies bring to this partnership will support our shared vision of creating industry-leading platforms for utilities and distributed renewable energy in the United States, "he added^[1] }}

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