Energy company TotalEnergies announced today the acquisition of solar energy company Core Solar, significantly boosting its presence in the U.S. renewable energy industry with the addition a 4GW solar and storage portfolio. With the transaction, TotalEnergies’ pipeline of renewable projects in operation, construction and development in the U.S. will exceed 10GW.
Austin-based Core Solar is a solar development company, with operating projects in Florida and North Carolina, and a project pipeline across multiple states including Ohio, Alabama, Virginia, Texas and Kentucky. CEO Greg Nelson and Core Solar’s team of site evaluation, real estate procurement, community engagement, permitting, environmental analysis, engineering, tax agreements, and grid interconnection experts will join TotalEnergies’ teams.
“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.”
The acquisition marks the continuation of a significant push by TotalEnergies into the U.S. renewables market, which includes the acquisition last year of a development pipeline of 2.2 GW of solar projects, and 600 MW of battery storage assets from SunChase Power, the ongoing development of 1.6 GW of solar projects in partnership with Hanwha Energy, and the recent $250 million acquisition of SunPower’s industrial and commercial solar business. The company is also starting the development of a 3 GW wind farm off the coast of New York and New Jersey.
TotalEnergies has set a goal to reach installed renewable power generation capacity of 100 GW globally by 2030.
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.”