Global Infrastructure Partners (GIP), and TotalEnergies formed a strategic partnership in order to further their commitment to the U.S. Renewable Energy Sector. TotalEnergies will purchase half of GIP’s Clearway Energy Group (Clearway) interest. This is a private renewable development company that holds a 42% economic stake in Clearway Energy, Inc. GIP will be paid $1.60 billion cash and approximately 50% of TotalEnergies’ 51% stake in SunPower Corporation, the leader in residential solar power in the U.S.
Clearway has the fifth-largest U.S. operating portfolio of nonregulated renewable assets (5.7 GW). It also has a 22 GW development pipeline. This will be TotalEnergies’ largest U.S. renewables investment to date. TotalEnergies secured a development portfolio of 8 GW of onshore renewables in the U.S. since early 2021. TotalEnergies will increase Clearway’s growth prospects by offering (i) a right to first offer on its U.S. offshore renewable assets to CWEN and (ii) access the U.S. power marketing capabilities of TotalEnergies and corporate relationships to maximize and enhance Clearway’s operating and development projects.
SunPower, the largest residential solar company in America, provides customers with integrated solar, storage and financing solutions. GIP and TotalEnergies have the right resources to support SunPower’s growth strategy. SunPower is the first investment in distributed energies for GIP’s top renewables platform. It includes ownership interests in 18GW of construction and operating assets, and more than 120GW of development pipeline through 9 portfolio companies.
“We are delighted to partner with TotalEnergies in order to continue leading the U.S. energy transition. We are proud to have Clearway as our first investment in distributed generation. GIP and TotalEnergies’ combined ambition, scale, and capabilities will help us achieve our common vision of building industry-leading distributed renewables platforms and utility scale in the U.S.,” Adebayo Ogunlesi is Chairman and CEO at Global Infrastructure Partners.
“Global Infrastructure Partners is a leading player in renewables in America, and we are thrilled with their partnership. TotalEnergies can scale up in the U.S. Market, which is one of the most dynamic markets in the world. It benefits from operating assets and 25 GWdc1 quality pipeline in wind, solar, and storage. There are 34 states covered. This transaction is in line with our strategy to make renewable energy one of the main growth drivers, along with liquefied gas, which we recently strengthened with the Cameron extension. This transaction demonstrates our priority to accelerate transformation of the company in order to make it a sustainable, profitable multi-energy company,” said Patrick Pouyanne (CEO of TotalEnergies).
