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May 25, 2022, 1:21 a.m. EDT

TotalEnergies to Buy 50% of US Renewables Company Clearway

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By Cecilia Butini

TotalEnergies said Wednesday that it has agreed to buy 50% of U.S.-based renewable energy company Clearway Energy Group from Global Infrastructure Partners LLC.

The French energy company said that Global Infrastructure Partners will receive $1.6 billion in cash plus an interest of 50% minus one share in a TotalEnergies subsidiary which holds a 50.6% ownership in SunPower Corp., a U.S. residential solar power company.

The transaction values Clearway Energy at $35.1 a share and SunPower at $18 a share, TotalEnergies said.

"The acquisition brings TotalEnergies' renewable portfolio in the U.S. to more than 25 GW," the company said.

Clearway Energy Group controls and owns 42% of subsidiary Clearway Energy Inc., TotalEnergies said.

Write to Cecilia Butini at cecilia.butini@wsj.com

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