Paris/Austin, April 27, 2022 – TotalEnergies is further expanding its presence in the US renewable energy industry by accquiring Austin-based Core Solar, LLC whose portfolio includes more than 4 GW of utility-scale solar and energy storage projects at various stages of development across several US states and power markets . Core Solar’s CEO Greg Nelson and his employees will join TotalEnergies’ teams.
With this acquisition, TotalEnergies further develops its presence in the US where it now has a portfolio of more than 10 GW gross capacity of renewable projects in operation, in construction and in development:
- In large scale solar energyTotalEnergies is already developing 2.2 GW of projectsinitially 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 energyTotalEnergies 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 joint venture with Simply Blue to unlock the vast potential for floating offshore in the United States. Beyond, TotalEnergies is working on the preparation of the upcoming auction of offshore wind projects off the coast of California.
- In solar distributed generationTotalEnergies 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 US, 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 expertise, consistently delivering optimal project results,” said Vincent Stoquart, Senior Vice President 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 US 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,” said Greg Nelson, President and CEO at Core Solar.
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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.
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
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