TotalEnergies, a multinational integrated oil and gas firm, has acquired Core Solar, an Austin-based solar project developer with a solar and energy storage project portfolio of more than 4 GW across the U.S.
With the acquisition, TotalEnergies would further increase its presence in the U.S., where it currently owns a portfolio of more than 10 GW of renewable projects in operation, construction, and under development.
The financial details of the deal were not disclosed by either company.
Under the terms of the deal, Core Solar’s CEO Greg Nelson and his employees will join TotalEnergies’ teams.
Core Solar’s total portfolio includes utility-scale solar and energy storage projects at various stages of development across several states in the U.S.
Vincent Stoquart, Senior Vice President, Renewables at TotalEnergies, said, “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.”
Earlier this month, TotalEnergies entered a 50-50 partnership with Japanese petroleum company ENEOS to develop 2 GW of decentralized onsite solar capacity for commercial and industrial (C&I) consumers in Asia in the next five years. As per the deal, TotalEnergies would leverage its expertise in the B2B market to strengthen its global footprint.
In February, TotalEnergies had signed a definitive agreement to acquire SunPower’s C&I solutions business for $250 million, including $60 million of earn-out. The acquisition was expected to help TotalEnergies develop its distributed generation business, accounting for about 500 MW in operation worldwide. It would also allow the company to extend its distributed generation business footprint to the U.S. and develop over 100 MW of additional capacity annually.
According to Mercom’s Q1 2022 Solar Funding and M&A Report, large-scale solar project acquisition activity remained strong, with over 23 GW of solar projects acquired in Q1 2022 compared to 13.1 GW in Q4 2021. Large-scale solar project acquisitions in Q1 2022 were the second-highest recorded to date.