TotalEnergies Acquires Core Solar to Expand U.S. Renewable Energy Portfolio

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

Core Solar’s CEO Greg Nelson and his employees will join TotalEnergies’ teams.

With this acquisition, TotalEnergies now has a portfolio of more than 10 GW gross capacity of renewable projects in operation, in construction and in development in the U.S. In large-scale solar energy, TotalEnergies is already developing 2.2 GW of projects, initially carried by SunChase Power, and 1.6 GW of projects in partnership with Hanwha Energy, which will be completed by the 4 GW of projects acquired from Core Solar. These portfolios also include energy storage projects.

In offshore wind energy, TotalEnergies is starting the development of a 3 GW wind farm off the coast of New York and New Jersey, which was awarded last February during the New York Bight auction. The company has also launched a floating offshore joint venture with Simply Blue. Beyond, TotalEnergies is working on the preparation of the upcoming auction of offshore wind projects off the coast of California.

In solar distributed generation, TotalEnergies acquired in the first quarter of 2022 the industrial and commercial solar activities of SunPower with the objective to develop more than 100 MW per year of additional capacity.

“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 100 GW of renewable projects in operation by 2030,” says Vincent Stoquart, senior vice president of renewables at TotalEnergies. “This attractive 4 GW pipeline of projects will strengthen and diversify our portfolio.”

“We are thrilled to join TotalEnergies with its unparalleled financial capability, project execution and operational excellence,” states Greg Nelson, president and CEO at Core Solar. “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 U.S.”

Original Source: https://solarindustrymag.com/core-solar-acquired-by-totalenergies-to-expand-u-s-renewable-energy-portfolio