TotalEnergies Buys 50% of U.S. Renewables Firm Clearway

May 31, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Multinational energy company TotalEnergies SE (NYSE:TTE) (Courbevoie, France) has agreed to purchase a 50% stake in U.S. renewable energy developer Clearway Energy (NYSE:CWEN) (Princeton, New Jersey) from its controlling investor, Global Infrastructure Partners (GIP) (New York, New York), for $1.6 billion in cash, the companies announced last week.

Clearway has 7.7 gigawatts (GW) of wind and solar assets in operation and 25 GW worth of renewable and storage projects, of which 15 GW are "in an advanced stage of development," according to a press release.