TotalEnergies has clinched a deal to buy a major US energy provider that has more than 4GW of utility-scale solar and energy storage projects at various stages of development across the country.
The acquisition of Texas-based Core Solar – led by chief executive Greg Nelson - marks a significant step in the French supermajor’s US expansion plan where the gross capacity of its portfolio of renewable projects in operation, in construction and in development exceeds 10GW.
Commenting on the acquisition, TotalEnergies’ head of renewables Vincent Stoquart said: “We are delighted with this new addition to our portfolio of solar projects in the US, a key region for achieving our global target of 100 GW of renewable projects in operation by 2030.”
“I look forward to welcoming Core Solar’s teams who have established an impressive track record with market-leading technical expertise, consistently delivering optimal project results,” he added.
Core Solar’s Nelson added: “We are thrilled to join TotalEnergies with its unparalleled financial capability, project execution, and operational excellence. This will enable the business to accelerate its growth across the US solar market.”
Elsewhere in the US, the French supermajor is developing 2.2GW of projects, initially carried by SunChase Power, and 1.6GW of projects in partnership with Hanwha Energy.
In offshore wind energy, the company has started development of a 3GW wind farm off the coast of New York and New Jersey, as part of last year’s New York Bight auction, and has also launched a joint venture with Simply Blue to unlock what it said is “the vast potential” for floating wind in the US.
In addition, TotalEnergies is working on preparation possible bids in an upcoming auction of offshore wind projects in California.
In solar distributed generation, TotalEnergies recently acquired the industrial and commercial solar activities of SunPower Corporation with the objective to develop more than 100 MW per year of additional capacity.