(Bloomberg) -- TotalEnergies SE said it will acquire a stake in a large US renewables developer, another move by the European energy giant to expand its footprint in the American power sector.
The French firm agreed to buy a 50% stake in Clearway Energy Group from Global Infrastructure Partners for $1.6 billion in cash, it said in a statement on Wednesday. GIP will also receive a stake in a TotalEnergies unit that has ownership in SunPower Corp., a US residential solar company, the statement said.
The move comes as energy companies deeply involved in the fossil fuel business review their portfolios and snatch up green assets amid a global effort to curb emissions.
TotalEnergies bought a controlling stake in SunPower in 2011. The Clearway acquisition brings Total’s US renewable portfolio to more than 25 gigawatt capacity, it said in the statement.
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