Simpson Thacher represented Global Infrastructure Partners (“GIP”) in connection with the sale to TotalEnergies Renewables USA, LLC (an indirect subsidiary of TotalEnergies SE (“TotalEnergies”)) of half of GIP’s stake in Clearway Energy Group, LLC (“Clearway”), a privately held renewable development company that owns a controlling stake with a 42% economic interest in Clearway Energy, Inc. (NYSE: CWEN.CWEN.A). In consideration, GIP received approximately $1.6 billion in cash, plus an approximately 50% interest in the TotalEnergies subsidiary that holds its 51% ownership in SunPower Corporation (NASDAQ: SPWR), a leader in residential solar in the U.S. The transaction closed on September 12, 2022.
Clearway owns the fifth largest operating portfolio of non-regulated renewable assets in the U.S. (5.7 GW) and a 22 GW development pipeline. The transaction represents TotalEnergies' largest investment in U.S. renewables to date.
France-based TotalEnergies is a global multi-energy company that produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables and electricity. As a part of its ambition to get to internet zero by 2050, TotalEnergies is constructing a portfolio of actions in renewables and electrical energy. On the finish of 2021, TotalEnergies’ gross renewable electrical energy technology capability is greater than 10 GW.
The Simpson Thacher team included Eli Hunt, Heesu Kim, Daniel Lee, Gerald Shalam and Ziang Zhou (M&A); Hui Lin, Jennifer Nadborny and Bettina Elstroth (Capital Markets); Brian Steinhardt and Amy Beller (Credit); Russell Light and Ruoxi Zhang (Tax); David Rubinsky and Kristy Fields (ECEB); Dennis Loiacono (Real Estate); Alysha Sekhon and Kate Mirino (IP); Toby Chun and Deepa Sarkar (Environmental).