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April 28, 2022

TotalEnergies acquires US-based solar developer Core Solar

Core Solar’s 4GW portfolio includes utility-scale solar and energy storage projects.

France-based oil and gas company TotalEnergies has expanded its renewable energy portfolio in the US by acquiring solar project developer Core Solar.

Based in Austin, Texas, Core Solar has a 4GW portfolio that includes utility-scale solar and energy storage projects currently in various stages of development.

The projects are located in various US states and power markets across the country.

TotalEnergies Renewables senior vice-president Vincent Stoquart said: “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 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.”

The deal brings TotalEnergies’ renewable project portfolio in the US to 10GW. The projects in the portfolio are all either in the operational, construction or development phase.

Under the terms of the deal, Core Solar president and CEO Greg Nelson and his employees will join TotalEnergies’ teams.

The financial details of the deal have not been disclosed by either company.

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 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.”

Earlier this month, TotalEnergies partnered with Polish mining firm KGHM to participate in an auction for offshore wind projects in Poland.

The Polish government plans to lease 11 offshore development areas, with more than 10GW of combined capacity, in the Polish Baltic Sea.

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