Global Infrastructure Partners, TotalEnergies Form Partnership In U.S. Renewables

(RTTNews) - Global Infrastructure Partners or GIP announced Wednesday that it has formed a strategic partnership with French oil and gas company TotalEnergies SE (TTE, TTE.L) to work in the U.S. renewable energy sector.

TotalEnergies will acquire half of GIP's interest in Clearway Energy Group, a privately held renewable development company that owns a controlling stake with a 42% economic interest in Clearway Energy, Inc. (CWEN).

In consideration, GIP will get $1.60 billion in cash, as well as around 50% stake in the TotalEnergies unit that holds its 51% ownership in SunPower Corp. (SPWR), a residential solar company in the U.S.

GIP said the final deal amounts are subject to purchase price adjustments.

Both transactions are subject to customary conditions, including receipt of requisite regulatory approvals.

Patrick Pouyanné, Chairman and CEO of TotalEnergies, said, "It allows TotalEnergies to scale up in the U.S. market, one of the most dynamic in the world, benefiting from operating assets, a 22 GW high quality portfolio, with a wide geographic coverage with a presence in 34 states. … It fits perfectly with our strategy to make solar and wind energy one of our main growth drivers along with liquefied natural gas that we have recently reinforced with the launch of Cameron extension."