TotalEnergies acquires Core Solar, adding 4 GW to its renewable energy portfolio

TotalEnergies is expanding its presence in the renewable energy industry in the United States by acquiring Austin-based Core Solar, LLC, whose portfolio includes more than 4 GW of utility-scale solar and energy storage projects in various stages of development across several U.S. states and power markets.

TotalEnergies expands its presence in the United States with this acquisition, where it now has a portfolio of more than 10 GW gross capacity of renewable projects in operation, construction, and development:

TotalEnergies is already developing 2.2 GW of large-scale solar energy projects, initially carried out by SunChase Power, and 1.6 GW of projects in collaboration with Hanwha Energy, which will be supplemented by the 4 GW of projects acquired from Core Solar. Energy storage projects are also included in these portfolios.

TotalEnergies is beginning construction on a 3 GW wind farm off the coasts of New York and New Jersey, which was awarded last February during the New York Bight auction. In addition, the company has formed a partnership with Simply Blue to explore the vast potential of floating offshore in the United States.

In addition, TotalEnergies is preparing for the upcoming auction of offshore wind projects off the coast of California. TotalEnergies acquired SunPower's industrial and commercial solar activities in the first quarter of 2022, with the goal of developing more than 100 MW of additional capacity per year.

"We are delighted with this new addition to our portfolio of solar projects in the United States, a critical region for achieving our global target of 100 GW of operational renewable projects by 2030. This appealing 4 GW project pipeline will strengthen and diversify our portfolio. I am excited to welcome Core Solar's teams, who have a proven track record of delivering optimal project results with market-leading technical expertise,"

said Vincent Stoquart, Senior Vice President Renewables at TotalEnergies.

"We are thrilled to be joining TotalEnergies, which has unrivalled financial strength, project execution, and operational excellence. This will allow the company to accelerate its growth in the solar market in the United States. The Core Solar team brings exceptional talent that will help TotalEnergies achieve its goal of becoming a market leader in solar energy delivery in the United States,"

said Greg Nelson, President and CEO of Core Solar.

TotalEnergies and renewables electricity: As part of its ambition to get to net zero by 2050, TotalEnergies is building a portfolio of activities in renewables and electricity. At the end of September 2021, TotalEnergies' gross renewable electricity generation capacity is 10 GW. TotalEnergies will continue to expand this business to reach 35 GW of gross production capacity from renewable sources and storage by 2025, and then 100 GW by 2030 with the objective of being among the world's top 5 producers of electricity from wind and solar energy.

Source: TotalEnergies news