TotalEnergies, a France-based oil and gas company, has acquired solar project developer Core Solar to its renewable energy portfolio in the US. Under the terms of the deal, Core Solar president and CEO and the employees will join TotalEnergies teams. The financial details of the deal have not been disclosed by either company.
Core Solar, headquartered in Austin, Texas, has a 4 GW portfolio of utility-scale solar and energy storage projects in various stages of development. The projects are spread across the US in various states and power markets. TotalEnergies’ renewable project portfolio in the US now stands at 10 GW. All of the projects in the portfolio are either operational, construction or development phase.
In April 2022, TotalEnergies joined forces with KGHM to participate in an auction for offshore wind projects. In the Polish Baltic Sea, the Polish government will lease 11 offshore development regions with a combined capacity of more than 10 GW. Under this agreement, TotalEnergies’ experience in offshore operations will be combined with KGHM’s experience in the Polish market.
REGlobal’s Views: Acquisition remains a quick way for large energy players to expand their portfolios and increase their market share. Since renewable power projects continue to fetch attractive prices in the market, it is an easy exit solution for many developers.
