TotalEnergies Buys U.S. Renewables Firm Core Solar
French oil major TotalEnergies is further expanding its presence in the U.S. renewable energy industry by acquiring Austin-based Core Solar.
Core Solar 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. The company’s CEO Greg Nelson and his employees will join TotalEnergies’ teams.
With this acquisition, TotalEnergies further develops its presence in the U.S. where it now has a portfolio of more than 10 GW gross capacity of renewable projects in operation, construction, and development.
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. Core Solar’s 4 GW of projects will be added to that.
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 French company has also launched a joint venture with Simply Blue to unlock the vast potential for floating offshore in the United States.
The company is also 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 aiming 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. This attractive 4 GW 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,” said Vincent Stoquart, Senior Vice President of Renewables at TotalEnergies.
“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 U.S.,” said Greg Nelson, President and CEO of Core Solar.
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