- Clearway Energy, Inc. (NYSE:CWEN) (NYSE: CWEN-A) and its renewable development partner and parent company, Clearway Energy Group LLC stated that Global Infrastructure Partners (GIP) had formed a strategic partnership with TotalEnergies SE (NYSE:TTE) in the U.S. renewable energy sector.
- TotalEnergies will acquire half of GIP's interest in Clearway Group, a privately-held renewable development company that serves as CWEN's sponsor with its 42% economic interest in it.
- GIP will receive $1.6 billion cash consideration and an ~50% interest in the TotalEnergies subsidiary that holds its 51% ownership in SunPower Corporation (NASDAQ:SPWR).
- "Today's strategic announcement by GIP and TotalEnergies underscores the strength of the Clearway business model and further reinforces the prospects of continued long-term growth for the Company, now with a significantly enhanced sponsor," commented Christopher Sotos, Clearway Energy, Inc.'s President, and Chief Executive Officer.
- TTE held cash and cash equivalents of $31.27 billion as of March 31. 2022.
- Price Action: CWEN shares are trading higher by 6.68% at $34.95, TTE higher by 1.27% at $57.44, and SPWR higher by 4.45% at $16.66 during the premarket session on Wednesday.
