TotalEnergies SE (TotalEnergies) has announced that it has entered into a strategic partnership with Global Infrastructure Partners (GIP) through which TotalEnergies will acquire half of GIP’s interest in Clearway Group, a privately held renewable development company that serves as the sponsor of Clearway Energy Inc. (NASDAQ: CWEN). In consideration, GIP will receive US$1.6 billion cash consideration (subject to purchase price adjustments) and an approximately 50% interest in the TotalEnergies subsidiary that holds its 51% ownership in SunPower Corporation (NASDAQ: SPWR). The agreement represents TotalEnergies’ largest investment in US renewables to date.
Latham & Watkins represents TotalEnergies in the transaction with a corporate deal team led by Houston partners Ryan Maierson, Ryan Lynch, and Stephen Szalkowski, with associates Alice Parker, Bryan Ryan, Brea Buck, Austin Sheehy, Haley Sandoval, and Vera Bespalova. Advice was also provided on tax matters by Houston partners Tim Fenn and Jim Cole; on antitrust matters by Washington, D.C. partner Jason Cruise and Frankfurt partner Max Hauser, with Frankfurt associate Anne Haas and Washington, D.C. associate Mary Casale; on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum and counsel Laura Szarmach; on environmental matters by Los Angeles counsel Josh Marnitz; and on regulatory matters by Washington, D.C. partner Tyler Brown and London partner Charles Claypoole, with London associate Amaryllis Bernitsa.