TotalEnergies agrees to buy 50% of U.S. renewables company Clearway
2022.05.25 07:46
FILE PHOTO: A TotalEnergies sign at the company’s headquarters in the La Defense business district in Paris, France, March 24, 2022. REUTERS/Benoit Tessier/File Photo
PARIS (Reuters) – French company TotalEnergies said it had agreed to buy 50% of Clearway Energy (NYSE:CWENa) Group, the fifth-largest renewables company in the United States, which TotalEnergies said marked its largest U.S renewables energy acquisition.
TotalEnergies added 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 (NASDAQ:SPWR) Corporation.
The transaction takes into account valuations of $35.1 per share for ClearWay Energy and $18 per share for SunPower, TotalEnergies added.
