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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.
As part of the deal, GIP will receive a stake in U.S. solar panel manufacturer SunPower Corporation (NASDAQ:SPWR) (San Jose, California). TotalEnergies bought a controlling stake in SunPower in 2011.
Industrial Info is tracking $10.8 billion worth of projects worldwide attributed to Global Infrastructure Partners, including $8.4 billion in the U.S., spread out across natural gas, wind and solar and generation. Clearway Energy accounts for $4.8 billion of the total spend. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for a full list of detailed projects.
"We are delighted with this partnership with Global Infrastructure Partners, which is a major player in renewables, particularly in the United States," said Patrick Pouyanne, the chief executive officer of TotalEnergies, in a related press release. "It allows TotalEnergies to scale up in the U.S. market, one of the most dynamic in the world, benefiting from operating assets and a 25-GW high-quality pipeline, in wind, solar and storage, with a wide geographic coverage with a presence in 34 states."
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 the press release.
Click on the image at right for a map of Clearway's assets, from the company website.
These include the Daggett Solar Photovoltaic (PV) Power Plant in California, about 120 miles northeast of Los Angeles, which also includes battery-energy storage.
Construction on the 156-megawatt (MW), first-phase and 197.6-MW, second-phase solar power facilities kicked off in September 2021, with completion expected at the end of this year; accompanying 72-MW and 96-MW battery energy storage systems (BESS), respectively, are being constructed along the same project timeline. They will utilize lithium-ion batteries sourced from General Electric (NYSE:GE). A third-phase solar facility and BESS will begin construction in 2023, with completion expected the year after.
Subscribers can click here for a list of related project reports.
Clearway is at work on two other solar-plus-storage projects, in Honolulu, Hawaii, that are expected to be completed in June: its 39-MW Mililani solar array and accompanying BESS, and the 36-MW Waiawa solar array and BESS. Both will utilize ground-mounted PV solar panels from Canadian Solar Incorporated (NASDAQ:CSIQ) (Guelph, Ontario).
Subscribers can click here for the detailed project reports.
TotalEnergies seeks to reach 100 GW of renewable power generation by 2030 through solar and wind energy, 25% of which would be in the U.S. The acquisition brings its renewables portfolio in the U.S. to more than 25 GW.
Earlier this month, TotalEnergies submitted the winning bid ($160 million) in a federal wind-energy auction for a 54,937-acre area in the Carolina Long Bay area, offshore North and South Carolina, through its U.S. subsidiary TotalEnergies Renewables USA. Meanwhile, Duke Energy Corporation (NYSE:DUK) (Charlotte, North Carolina), through its subsidiary Duke Energy Renewables Wind LLC, bid $155 million for a nearby area covering more than 55,000 acres.
If fully developed, these two leases could account for about 1.3 GW of offshore wind energy, or enough to power half a million homes, according to the Interior Department. The Biden administration is aiming for 30 GW of offshore U.S. wind energy capacity by 2030.
During another federal wind-energy auction in late February, the company successfully bid on an area in the New York Bight--an area of ocean off the coasts of New York and New Jersey--through another subsidiary, Attentive Energy. The area could accommodate a windfarm with a capacity of at least 3 GW.
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
As part of the deal, GIP will receive a stake in U.S. solar panel manufacturer SunPower Corporation (NASDAQ:SPWR) (San Jose, California). TotalEnergies bought a controlling stake in SunPower in 2011.
Industrial Info is tracking $10.8 billion worth of projects worldwide attributed to Global Infrastructure Partners, including $8.4 billion in the U.S., spread out across natural gas, wind and solar and generation. Clearway Energy accounts for $4.8 billion of the total spend. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for a full list of detailed projects.
"We are delighted with this partnership with Global Infrastructure Partners, which is a major player in renewables, particularly in the United States," said Patrick Pouyanne, the chief executive officer of TotalEnergies, in a related press release. "It allows TotalEnergies to scale up in the U.S. market, one of the most dynamic in the world, benefiting from operating assets and a 25-GW high-quality pipeline, in wind, solar and storage, with a wide geographic coverage with a presence in 34 states."
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 the press release.
Click on the image at right for a map of Clearway's assets, from the company website.These include the Daggett Solar Photovoltaic (PV) Power Plant in California, about 120 miles northeast of Los Angeles, which also includes battery-energy storage.
Construction on the 156-megawatt (MW), first-phase and 197.6-MW, second-phase solar power facilities kicked off in September 2021, with completion expected at the end of this year; accompanying 72-MW and 96-MW battery energy storage systems (BESS), respectively, are being constructed along the same project timeline. They will utilize lithium-ion batteries sourced from General Electric (NYSE:GE). A third-phase solar facility and BESS will begin construction in 2023, with completion expected the year after.
Subscribers can click here for a list of related project reports.
Clearway is at work on two other solar-plus-storage projects, in Honolulu, Hawaii, that are expected to be completed in June: its 39-MW Mililani solar array and accompanying BESS, and the 36-MW Waiawa solar array and BESS. Both will utilize ground-mounted PV solar panels from Canadian Solar Incorporated (NASDAQ:CSIQ) (Guelph, Ontario).
Subscribers can click here for the detailed project reports.
TotalEnergies seeks to reach 100 GW of renewable power generation by 2030 through solar and wind energy, 25% of which would be in the U.S. The acquisition brings its renewables portfolio in the U.S. to more than 25 GW.
Earlier this month, TotalEnergies submitted the winning bid ($160 million) in a federal wind-energy auction for a 54,937-acre area in the Carolina Long Bay area, offshore North and South Carolina, through its U.S. subsidiary TotalEnergies Renewables USA. Meanwhile, Duke Energy Corporation (NYSE:DUK) (Charlotte, North Carolina), through its subsidiary Duke Energy Renewables Wind LLC, bid $155 million for a nearby area covering more than 55,000 acres.
If fully developed, these two leases could account for about 1.3 GW of offshore wind energy, or enough to power half a million homes, according to the Interior Department. The Biden administration is aiming for 30 GW of offshore U.S. wind energy capacity by 2030.
During another federal wind-energy auction in late February, the company successfully bid on an area in the New York Bight--an area of ocean off the coasts of New York and New Jersey--through another subsidiary, Attentive Energy. The area could accommodate a windfarm with a capacity of at least 3 GW.
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
