Clearway's Energy-Global Infrastructure Partners Ink Strategic Partnership With TotalEnergies

  • Clearway Energy, Inc. 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 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 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.
Market News and Data brought to you by Benzinga APIs
Posted In: M&ANewsBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!