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Stuart Penson
25 May 2022
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TotalEnergies buys 50pc of US renewables developer CEG

Deal worth around $2.4bn with private equity firm Global Infrastructure Partners marks French company’s largest acquisition to date in US renewables sector

TotalEnergies has accelerated its push into the US renewables sector with a deal to buy 50pc of San Francisco-based wind, solar and storage developer Clearway Energy Group (CEG) from private equity firm Global Infrastructure Partners (GIP). The acquisition of half of CEG, the fifth-largest player in the US renewables sector, marks the French oil major’s largest renewables deal in the American market to date and roughly doubles its US project portfolio. TotalEnergies will pay GIP $1.6bn in cash under the deal. GIP will also receive about half of TotalEnergies’ existing 50.6pc stake in SunPower Corporation—the second-largest residential solar developer in the US. This implies TotalEnergies is

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Also in this section
GE loses US patent dispute with Siemens Gamesa
30 June 2022
Recent ruling against GE could hobble offshore wind profits in the US, but uncertainty remains over the possibility of further litigation in other markets
UK must do more on climate targets – CCC
29 June 2022
Nation at significant risk of not meeting its fifth and sixth carbon budgets, says climate watchdog
Offshore wind installations lag government targets
29 June 2022
States are ramping up targets, but complex permitting systems constrain developers’ ability to deliver projects at pace, says Global Wind Energy Council
Equinor and Fluxys study CO₂ pipeline project
29 June 2022
Project would pump CO₂ from multiple emitters in northwest Europe to storage sites under Norwegian continental shelf

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