Messier & Associés acted as exclusive buy-side financial advisor of TotalEnergies and sole financial advisor on the transaction.
On May 25th 2022, TotalEnergies announced the signature of agreements with Global Infrastructure Partners (GIP) to acquire 50% of Clearway Energy Group (CEG), the 5th US renewable energy player, in a transaction valued at $2,400m.
Clearway has 7.7 GW of wind and solar assets in operation through its listed subsidiary CWEN and has a 25 GW pipeline of renewable and storage projects, of which 15 GW are in an advanced stage of development. Headquartered in San Francisco, Clearway has approximately 760 employees.
This constitutes TotalEnergies’s largest acquisition in the renewable energy in the United States, one of the top 3 renewable markets in the world. With such transaction, TotalEnergies is further accelerating its growth in the renewable energy sector by partnering with GIP, a leading global infrastructure fund.
In the frame of this transaction, GIP will receive $1,600m in cash and an interest of 50% minus one share in the TotalEnergies subsidiary that holds its 50.6% ownership in SunPower Corporation (NASDAQ: SPWR), leader in residential solar in the U.S.
Mutually beneficial transaction:
- The acquisition brings TotalEnergies' renewable portfolio in the U.S. to more than 25 GW and contributes to the objective that the United States account for at least 25% of the Company's global target of 100 GW by 2030
- TotalEnergies will contribute to enhance Clearway’s growth prospects by providing CWEN in the U.S. with access to its power trading capabilities and will give it priority on the farm down of its own developed projects
- TotalEnergies welcomes GIP as an equity partner in SunPower, the second largest residential solar company in the U.S. providing customers with fully integrated solar, storage, home energy and financing solutions. TotalEnergies and GIP are well-positioned to support together SunPower management’s growth strategy.
The transaction was made possible thanks to:
- Messier & Associés’ long standing relationship with TotalEnergies and SunPower – as an advisor to TotalEnergies on the acquisition of a majority stake in SunPower in 2011, and on SunPower’s spinoff of Maxeon (panel manufacturing activities) in 2020
- Our experience in dealing with cross-border and complex transactions
- In addition, Messier & Associés identified GIP as a trusted partner for TotalEnergies since their 2021 agreement to collaborate on the Gladstone LNG project in Australia, where Messier & Associés advised GIP