PARIS (Reuters) – French company TotalEnergies 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.
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)
