TotalEnergies has acquired a 50% stake in Clearway Energy Group (CEG) from Global Infrastructure Partners (GIP), renewsbiz reports.

CEG is the fifth largest US renewable energy player and owns 42% of economic interest of its listed subsidiary, Clearway Energy (CWEN) into which projects are dropped when they reach commercial operation.

The deal represents the largest renewable energy acquisition in the US for TotalEnergies.

Clearway has 7.7GW of wind and solar assets in operation through CWEN and has a 25GW pipeline of renewable and storage projects, of which 15GW in an advanced stage of development.

GIP will receive $1.6bn in cash and an interest of 50% minus one share in the TotalEnergies subsidiary that holds its 50.6% ownership in SunPower Corporation.

TotalEnergies will help to enhance Clearway’s growth prospects by providing CWEN with access to its power trading capabilities and will give it priority on the farm down of its own developed projects.

The acuisition brings TotalEnergies' renewable portfolio in the US to more than 25GW.

In large-scale solar, TotalEnergies is already developing 8GW of projects following the acquisition of a portfolio from SunChase, its partnership with Hanwha Energy and the recent acquisition of Core Solar.

TotalEnergies will develop 4GW of offshore wind farms off the coast of New York and North Carolina, after securing leases during recent tenders.

Meanwhile, GIP is becoming equity partner of SunPower, the second largest residential solar company in the US.

TotalEnergies chairman and chief executive Patrick Pouyanne said the deal with GIP “allows TotalEnergies to scale up in the US market, one of the most dynamic in the world, benefiting from operating assets and a 25GW high quality pipeline, in wind, solar and storage”.

“This transaction perfectly fits with our strategy to make renewable electricity one of our main growth drivers along with liquefied natural gas” he added.