TotalEnergies Acquires Core Solar to Expand US Renewable Energy Portfolio

French petroleum giant TotalEnergies is aiming for expansion in the U.S. renewable energy industry with its acquisition of Austin-based Core Solar, whose portfolio includes more than 4 GW of utility-scale solar and energy storage projects at various stages of development spanning several U.S. states and power markets.

The TotalEnergies team will see the addition of Core Solar CEO Greg Nelson and his employees.

After the acquisition, TotalEnergies now has a U.S. portfolio of more than 10 GW gross capacity of renewable projects in operation, construction, and development.

In large-scale solar energy, the company is already developing 2.2 GW of projects, initially carried by SunChase Power, and 1.6 GW of projects in partnership with Hanwha Energy, which will be completed by the 4 GW of projects acquired from Core Solar.

In offshore wind energy, TotalEnergies is commencing the development of a 3 GW wind farm off the coast of New York and New Jersey, which was awarded last February during the New York Bight auction.

In solar distributed generation, TotalEnergies acquired in the first quarter of 2022 the industrial and commercial solar activities of SunPower with the objective to develop more than 100 MW per year of additional capacity.

“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 Vincent Stoquart, Senior Vice President of Renewables, TotalEnergies.

“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 & CEO, Core Solar.