TotalEnergies has announced agreements with Global Infrastructure Partners (GIP) to acquire 50% of Clearway Energy Group (CEG), the fifth renewable energy company in the US.
With this acquisition, the company is acquiring its largest renewable energy business in the United States, one of the top 3 renewable markets worldwide. By partnering with GIP, a leading global infrastructure fund, TotalEnergies is further accelerating its growth in the renewable energy sector.
In acquiring TotalEnergies, TotalEnergies gains a major position in the U.S. renewable energy and storage markets. Clearway operates 7.7 GW of wind and solar assets through its listed subsidiary CWEN.
TotalEnergies will contribute to the growth of Clearway by offering CWEN in the United States as part of this partnership.
As a result of the acquisition, TotalEnergies now has more than 25 GW of renewable energy capacity in the U.S. The company is targeting to have the U.S. account for at least 25% of its global target of 100 GW by the end of 2015.
“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.