TotalEnergies enters deal to acquire 50% stake in Clearway Energy Group (CEG)

TotalEnergies has signed an agreement with Global Infrastructure Partners (GIP) to acquire 50% of Clearway Energy Group (CEG). 

CEG is a developer of renewables projects, which controls and owns 42% of the economic interest of its listed subsidiary, Clearway Energy Inc. (CWEN). Under the terms of the agreement, GIP will receive US$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 US$35.1 per share for CWEN and US$18 per share for SunPower. 

Both transactions are subject to customary conditions, including receipt of requisite regulatory approvals.