TotalEnergies agrees to buy 50% of U.S. renewables company Clearway

Clearway Energy

25/05/2022 05:37

PARIS, May 25 (Reuters) - French company TotalEnergies
 TTEF.PA  said it had agreed to buy 50% of Clearway Energy
Group, the fifth-largest renewables company in the United
States, which TotalEnergies said marked its largest U.S
renewables energy acquisition.
    TotalEnergies added the acquisition would see it team up
with Global Infrastructure Partners (GIP). As part of the deal,
GIP will receive $1.6 billion in cash and an interest of 50%
minus one share in the TotalEnergies subsidiary that holds its
50.6% ownership in SunPower Corporation  SPWR.O . 
    The transaction takes into account valuations of $35.1 per
share for ClearWay Energy and $18 per share for SunPower,
TotalEnergies added.

 (Reporting by Sudip Kar-Gupta; Editing by Jacqueline Wong)
 ((sudip.kargupta@thomsonreuters.com; +33 1 49 49 53 84;))