REG-TotalEnergies SE United States: TotalEnergies Adds 4 GW to its Renewable Energy Portfolio with the Acquisition of Core Solar

TotalEnergies SEAnnouncement

27/04/2022 07:45

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United States: TotalEnergies Adds 4 GW to its Renewable Energy Portfolio with
the Acquisition of Core Solar

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) is further expanding its
presence in the U.S. renewable energy industry by acquiring Austin-based Core
Solar, LLC whose portfolio includes more than 4 GW of utility-scale solar and
energy storage projects at various stages of development across several U.S.
states(1) and power markets. Core Solar’s CEO Greg Nelson and his employees
will join TotalEnergies’ teams.

With this acquisition, TotalEnergies further develops its presence in the U.S.
where it now has a portfolio of more than 10 GW gross capacity of renewable
projects in operation, in construction and in development:


 * In large scale solar energy, TotalEnergies is already developing 2.2 GW of
projects, initially carried by SunChase Power, and 1.6 GW of projects in
partnership with Hanwha Energy, which will be completed by the 4 GW of
projects acquired from Core Solar. These portfolios also include energy
storage projects.


 * In offshore wind energy, TotalEnergies is starting the development of a 3 GW
wind farm off the coast of New York and New Jersey, which was awarded last
February during the New York Bight auction. The Company has also launched a
joint venture with Simply Blue to unlock the vast potential for floating
offshore in the United States. Beyond, TotalEnergies is working on the
preparation of the upcoming auction of offshore wind projects off the coast of
California.


 * In solar distributed generation, TotalEnergies acquired in the first quarter
of 2022 the industrial and commercial solar activities of SunPower with the
objective to develop more than 100 MW per year of additional capacity.

“We are delighted with this new addition to our portfolio of solar projects
in the U.S., a key region for achieving our global target of 100 GW of
renewable projects in operation by 2030. This attractive 4 GW pipeline of
projects will strengthen and diversify our portfolio. I look forward to
welcoming Core Solar’s teams who have established an impressive track record
with market-leading technical expertise, consistently delivering optimal
project results,” said Vincent Stoquart, Senior Vice President Renewables at
TotalEnergies.

“We are thrilled to join TotalEnergies with its unparalleled financial
capability, project execution, and operational excellence. This will enable
the business to accelerate its growth across the U.S. solar market. The Core
Solar team brings with it an exceptional ability that will contribute to
TotalEnergies’ ambition to become a market leader in solar energy delivery
in the U.S.,” said Greg Nelson, President and CEO at Core Solar.

***

TotalEnergies and renewables electricity

As part of its ambition to get to net zero by 2050, TotalEnergies is building
a portfolio of activities in renewables and electricity. At the end of
September 2021, TotalEnergies' gross renewable electricity generation capacity
is 10 GW. TotalEnergies will continue to expand this business to reach 35 GW
of gross production capacity from renewable sources and storage by 2025, and
then 100 GW by 2030 with the objective of being among the world's top 5
producers of electricity from wind and solar energy.

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets
energies: oil and biofuels, natural gas and green gases, renewables and
electricity. Our more than 100,000 employees are committed to energy that is
ever more affordable, cleaner, more reliable and accessible to as many people
as possible. Active in more than 130 countries, TotalEnergies puts sustainable
development in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.

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Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in
this document are used to designate TotalEnergies SE and the consolidated
entities that are directly or indirectly controlled by TotalEnergies SE.
Likewise, the words “we”, “us” and “our” may also be used to refer
to these entities or to their employees. The entities in which TotalEnergies
SE directly or indirectly owns a shareholding are separate legal entities.
TotalEnergies SE has no liability for the acts or omissions of these entities.
This document may contain forward-looking information and statements that are
based on a number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither TotalEnergies SE
nor any of its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends contained in
this document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the most
recent Registration Document, the French-language version of which is filed by
TotalEnergies SE with the French securities regulator Autorité des Marchés
Financiers (AMF), and in the Form 20-F filed with the United States Securities
and Exchange Commission (SEC).

(1) Texas, Kentucky, Ohio, Pennsylvania

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