TTE

TotalEnergies SE

52.34
USD
4.35%
52.34
USD
4.35%
40.33 61.14
52 weeks
52 weeks

Mkt Cap 138.20B

Shares Out 2.64B

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TotalEnergies buys 50% stake in Clearway Energy from GIP

TotalEnergies (NYSE:TTE) said Wednesday it agreed to acquire a 50% stake in Clearway Energy (NYSE:CWEN) from Global Infrastructure Partners, the French's company's largest U.S. renewable energy acquisition. GIP will receive $1.6B in cash, plus a ~50% interest in the TotalEnergies (TTE) subsidiary that holds its 51% ownership in SunPower Corp. (NASDAQ:SPWR) Clearway (CWEN) has 7.7 GW of wind and solar assets in operation, and a 25 GW pipeline of renewable and storage projects, of which 15 GW are in an advanced stage of development. TotalEnergies (TTE) said the deal raises its renewable portfolio in the U.S. to more than 25 GW and contributes to its objective that the U.S. account for at least 25% of the company's global target of 100 GW. The company said the deal values Clearway (CWEN) at $35.10/SHARE and SunPower (SPWR) at $18/SHARE; (TTE) +1.3%, (CWEN) +6.7%, (SPWR) +3.7% pre-market. TotalEnergies (TTE) recently was a winning bidder in the U.S. Interior Department's auction for two leases to develop wind power projects off the U.S. Atlantic coast.

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