French energy group makes biggest US renewables purchase yet as climate protests disrupt shareholder meeting
TotalEnergies has made its biggest US renewable power purchase yet with an investment in wind and solar farm developer Clearway Energy Group as the French company pivots towards cleaner energy sources.
The group said on Wednesday it would take a 50 per cent stake in Clearway and partner with its owner, infrastructure fund GIP, in a deal worth $2.4bn. GIP will receive $1.6bn in cash and a stake of just under 50 per cent in SunPower, one of Total’s US subsidiaries.
Total has been building up its US renewable assets in the past year, with a portfolio that includes 8 gigawatts of large-scale solar projects bought from SunChase, the recent acquisition of Core Solar and the development of 4GW of wind projects off the coasts of New York and North Carolina.
Read more: FT
