TotalEnergies SE (NYSE: TTE) has purchased Austin-based Core Solar, LLC. Core Solar has a portfolio of more than 4 GW of utility-scale solar and energy storage projects in various stages of development throughout numerous US states and electricity markets. After the acquisition, the company will add 4 GW to its Renewable Energy Portfolio. Greg Nelson, the CEO of Core Solar, and his staff will join the TotalEnergies team.
TotalEnergies is developing a portfolio of renewables and electricity-related businesses as part of its goal of reaching net-zero by 2050. TotalEnergies' total renewable electricity generation capacity will be 10 GW by the end of September 2021. TotalEnergies plans to grow this business to 35 GW of gross production capacity from renewable sources and storage by 2025, and subsequently to 100 GW by 2030, to be one of the world's top 5 wind and solar energy producers.
Furthermore, with Core Solar’s acquisition, TotalEnergies expands its footprint in the United States, where it now has a portfolio of renewable energy projects in operation, building, and development totaling more than 10 GW gross capacity: In large-scale solar energy, TotalEnergies has already developed 2.2 GW of projects with SunChase Power and 1.6 GW of projects with Hanwha Energy, which will be supplemented by the 4 GW of projects purchased from Core Solar. Energy storage initiatives are also included in these portfolios.
TotalEnergies has begun construction on a 3 GW offshore wind farm off the coasts of New York and New Jersey, which was awarded in February during the New York Bight auction. In addition, the company has formed a joint venture with Simply Blue to tap into the tremendous offshore potential in the United States. In addition, TotalEnergies is preparing for the impending auction of offshore wind projects off the California coast.
Additionally, TotalEnergies bought SunPower's industrial and commercial solar activities in the first quarter of 2022 to develop more than 100 MW of extra capacity per year in solar distributed generation.