TotalEnergies recently agreed to acquire 50% of Clearway Energy Group (CEG), the fifth-largest US renewable energy player. The deal is the French-based energy company’s largest US renewable energy acquisition to date.

The United States is one of the top three renewable energy markets in the world and with this move TotalEnergies is establishing a significant stake in the growing US renewable energy and storage market. CEG specialises in developing and operating clean energy generated by solar and wind in addition to energy storage capabilities. CEG currently has 7.7GW of wind and solar assets in operation and a further 25GW pipeline of renewable and storage projects.

As part of the acquisition, TotalEnergies will assist CEG’s growth prospects by providing them with access to its power trading capabilities. TotalEnergies has previously stated a 2030 target of having 100GW of renewable energy within its portfolio. The CEG deal follows the 2021 acquisitions of Core Solar as well as a projects portfolio from SunChase, and a partnership with Hanwha Energy (all large-scale solar developments). It is also worth noting that TotalEnergies is a majority shareholder in SunPower, the second-largest residential solar company in the United States. The recent acquisition of CEG is in line with the energy company’s broader strategy of making renewable electricity one of its main growth drivers as well as being a tangible step closer to achieving its 2030 goals.