TotalEnergies acquires 50% of US wind and solar company Clearway

• The company acquires Clearway in a deal worth about $2.4 billion

French oil gaint TotalEnergies SE (NYSE: TTE) said on Wednesday it would buy 50% stake in Clearway Energy Inc (NYSE: CWEN), a shift towards renewable energy sector.

TotalEnergies is acquiring the US wind and solar company from Global Infrastructure Partners in a deal worth about $2.4 billion for $1.6 billion in cash plus an interest in a TotalEnergies unit that owns about half of U.S. residential solar business SunPower Corp (NASDAQ: SPWR).

“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 TotalEnergies CEO Patrick Pouyanné.

TotalEnergies will contribute to enhance Clearway’s growth prospects by providing the renewable company with access to its power trading capabilities and will give it priority on the farm down of its own developed projects, the company said in a statement.

Picture Credits: Associated Press

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