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TotalEnergies has been branching out into the fast-growing
renewables energy sector and diversifying away from hydrocarbon-centred
activities in recent years.
The company said the acquisition would see it team up with
Global Infrastructure Partners (GIP). As part of the deal, GIP
will receive $1.6 billion in cash and an interest of 50% minus
one share in the TotalEnergies subsidiary that holds its 50.6%
ownership in SunPower Corporation.
The transaction takes into account valuations of $35.1 per share
for ClearWay Energy and $18 per share for SunPower,
TotalEnergies added.
"It allows TotalEnergies to scale up in the U.S. market, one of
the most dynamic in the world, benefiting from operating assets
and a 25 GW high quality pipeline, in wind, solar and storage,
with a wide geographic coverage with a presence in 34 states,"
said TotalEnergies Chairman and Chief Executive Officer Patrick
Pouyanne.
Clearway has 7.7 gigawatts (GW) of wind and solar assets in
operation through its listed subsidiary CWEN and a 25 GW
pipeline of renewable and storage projects.
Last month, TotalEnergies reported a sharp rise in its quarterly
profit, helped by a surge in oil and gas prices in the wake of
Russia's invasion of Ukraine.
(Reporting by Sudip Kar-Gupta; Editing by Jacqueline Wong and
Sherry Jacob-Phillips)
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