Clearway, SunPower shine as Total expands in U.S. renewables market

Clearway Energy

25/05/2022 11:35

** Shares of U.S. renewable energy developer Clearway Energy
Inc  CWEN.N  and residential solar co SunPower Corp  SPWR.O 
gain 6.5% and 7.8%, respectively, before the opening bell
    ** French oil major TotalEnergies SE  TTEF.PA  says it will
buy a 50% stake in CWEN's majority owner Clearway Energy Group
from Global Infrastructure Partners (GIP)
    ** As part of the deal, GIP will receive $1.6 bln in cash as
well as an interest of 50% minus one share in a TTEF unit that
holds a 50.6% ownership in SPWR  urn:newsml:reuters.com:*:nL2N2XH08T
    ** TTEF says the deal takes into account valuations of
$35.10/shr for CWEN and $18/shr for SPWR
    ** As of Tuesday's close, this represents premium 12.9% for
SPWR
    ** Jefferies analyst Giacomo Romeo says the deal raises
TTE's total renewable power generation portfolio to 43.5 GW from
34.4 GW at a reasonable price
    ** TTEF up 2.4% on the French bourse amid its annual
shareholder meeting on Wed; its U.S. shares  TTE.N  are up less
than a pct. in light vols. premarket
    ** CWEN stock has fallen 8.2% this year through last close,
while SPWR has fallen 23.6%

 (Reporting by Ruhi Soni in Bengaluru)
 ((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))