Global Infrastructure Partners (GIP) and TotalEnergies have formed a strategic partnership whereby TotalEnergies will acquire half of GIP’s interest in Clearway Energy Group.
Clearway is a privately held renewable development company that owns a controlling stake with a 42 percent economic interest in Clearway Energy, Inc. Clearway owns the fifth-largest operating portfolio of nonregulated renewable assets in the United States and a 22-gigawatt development pipeline. This will represent TotalEnergies’ largest investment in U.S. renewables to date.
As part of the deal, GIP will receive a consideration of $1.6 billion in cash, in addition to a 50 percent interest in the TotalEnergies subsidiary that holds its 51 percent ownership in SunPower Corp., the second-largest residential solar company in the United States. SunPower represents the first investment in distributed-energy resources for GIP’s renewables platform, which includes ownership interests in 18 gigawatts