TotalEnergies buys 50pc of US renewables developer CEG

Deal worth around $2.4bn with private equity firm Global Infrastructure Partners marks French company’s largest acquisition to date in US renewables sector

TotalEnergies has accelerated its push into the US renewables sector with a deal to buy 50pc of San Francisco-based wind, solar and storage developer Clearway Energy Group (CEG) from private equity firm Global Infrastructure Partners (GIP). The acquisition of half of CEG, the fifth-largest player in the US renewables sector, marks the French oil major’s largest renewables deal in the American market to date and roughly doubles its US project portfolio. TotalEnergies will pay GIP $1.6bn in cash under the deal. GIP will also receive about half of TotalEnergies’ existing 50.6pc stake in SunPower Corporation—the second-largest residential solar developer in the US. This implies TotalEnergies is