TotalEnergies Acquires Core Solar; Raises RE Portfolio by 4GW in USA

French energy major TotalEnergies has announced that it has acquired Austin, US based Core Solar whose portfolio includes more than 4 GW of utility-scale solar and energy storage projects. These projects are at various stages of development across several U.S. states and power markets.

According to TotalEnergies official statement, Core Solar CEO Greg Nelson and other employees will join teams of TotalEnergies helping the company to expand its presence in the US renewable energy industry.

Now TotalEnergies has a portfolio of more than 10 GW of gross capacity of renewable projects in operation, in construction and in development in the USA.

As far as large scale solar energy is concerned, TotalEnergies is already developing 2.2 GW of projects. These were previously being developed by SunChase Power. TotalEnergies is developing another 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 energy, TotalEnergies is starting the development of a 3GW wind farm off the coast of New York and New Jersey. This was awarded to the company in February during the New York Bight auction.

The RE player has also launched a JV with Simply Blue to unlock the vast potential for floating offshore in the US. TotalEnergies is also preparing for the upcoming auction of offshore wind projects off the coast of California.

Earlier in the year, TotalEnergies acquired the industrial and commercial solar activities of SunPower with an objective to develop more than 100 MW of additional capacity every year.

Vincent Stoquart, Senior Vice President – Renewables, 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,” said V.

“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 U.S. 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 U.S.,” said Greg Nelson, President and CEO, Core Solar.