TotalEnergies extends U.S. renewable energy footprint with Core Solar acquisition
French multinational energy company, TotalEnergies, is a step closer to its goal of gross production capacity from renewable sources and storage of 100 gigawatt (GW) by 2030 with the acquisition of experienced solar development company, Core Solar. “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,” said Vincent Stoquart, senior vice president renewables at TotalEnergies. The company has also pledged to reach 35 GW of gross production capacity by 2025.
The acquisition of the Austin-based company will “strengthen and diversify” the TotalEnergies portfolio. Core Solar has utility-scale solar and energy storage projects at different stages of development across multiple U.S. States and power markets. It will add 4 GW of projects to TotalEnergies growing renewable energy footprint in the United States.
TotalEnergies aims to be one of the world’s top five producers of electricity from wind and solar energy. As of September last year, the energy company had gross renewable electricity generation capacity of 10 GW in the U.S., which includes 2.2 GW of large scale solar energy — initially carried by SunChase Power – and a partnership with Hanwha Energy comprising 1.6 GW of projects. Off the coast of New York and New Jersey, TotalEnergies is developing a 3 GW wind farm.
TotalEnergies acquired SunPower’s Commercial & Industrial Solar Business in February 2022, which the company indicated was designed to develop its solar distributed generation business and to create synergies with TotalEnergies’ large-scale solar energy portfolio.
Following the Core Solar acquisition, CEO Greg Nelson and his employees will join the TotalEnergies’ team.