The acquisition will add more than 4GW of solar and energy storage projects from Core Solar, which will help TotalEnergies to further develop its footprint in the US
TotalEnergies expands its renewables energy portfolio in US. (Credit: Andreas Gücklhorn on Unsplash)
French oil and gas company TotalEnergies has acquired Austin-based solar energy company Core Solar, in a move to further expand its renewable energy footprint in the US.
With the acquisition, TotalEnergies will benefit from a portfolio of more than 4GW of utility-scale solar and energy storage projects at various stages of development, across the US.
In relation with the acquisition, Core Solar CEO Greg Nelson and his team will be moved to TotalEnergies.
Core Solar president and CEO Greg Nelson said: “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 U.S. solar market. The Core Solar team brings with it an exceptional ability that will contribute to TotalEnergies’ ambition to become a market leader in solar energy delivery in the US.”
TotalEnergies said that the acquisition of Core Solar will help to further develop its presence in the US, where it currently has more than 10GW of renewable projects.
The company has been developing 2.2GW of large-scale solar and energy storage projects, initially in partnership with SunChase Power, and 1.6GW of projects with Hanwha Energy.
TotalEnergies has started the development of a 3GW wind farm off the coast of New York and New Jersey, which was awarded during the New York Bight auction.
The company has also launched a joint venture with Simply Blue to explore the potential for floating offshore in the US, and is preparing for the upcoming auction of wind projects offshore California.
In the first quarter of this year, TotalEnergies has also acquired the industrial and commercial solar operations of SunPower to develop more than 100MW per annum of additional capacity.
TotalEnergies renewables senior vice president Vincent Stoquart said: “We are delighted with this new addition to our portfolio of solar projects in the U.S., a key region for achieving our global target of 100GW of renewable projects in operation by 2030.
“This attractive 4GW pipeline of projects will strengthen and diversify our portfolio. 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.”
Earlier this month, TotalEnergies has signed a joint venture agreement with ENEOS to develop onsite B2B solar distributed generation across Asia.