SOLAR+STORAGE

TotalEnergies to Acquire SunPower's Commercial & Industrial Solar Business

TotalEnergies | February 14, 2022

TotalEnergies announced it has signed a definitive agreement with SunPower Corp.'s to purchase its Commercial & Industrial Solutions (CIS) business for $250 million, including $60 million of earn-out, subject to regulatory evolution. TotalEnergies is the majority shareholder of SunPower, a leading solar technology and energy services provider.

This acquisition is another step in TotalEnergies' roadmap to develop its distributed generation business, currently accounting to close to 500 MW in operation worldwide. It will allow TotalEnergies to extend its distributed generation business footprint to the U.S. and to develop over 100 MW of additional capacity per year. Beyond, this activity will also create synergies with TotalEnergies' large-scale solar energy portfolio in the U.S and enable B2B customers to benefit from more comprehensive energy solutions and new capabilities in financing and project ownership.

As for SunPower, this operation follows previous announcement to focus on its high-growth residential business, offering a superior customer experience with a growing ecosystem of innovative products and services, hence exploring strategic options for the CIS business.

All in all, this win-win operation fully fits TotalEnergies and SunPower's respective strategies to better serve industrial, commercial and residential customers.

With this acquisition, TotalEnergies is further investing to grow its distributed generation activity in the U.S. and support its B2B customers in meeting their sustainable development goals. It is a new milestone in our renewable development in the country, where we are targeting 4 gigawatts of solar capacity by 2025. This will also give SunPower additional resources to focus on the growing residential market. We look forward to welcoming the Commercial & Industrial teams and ensuring the continuity of TotalEnergies' commitment in this business as we integrate this high-quality portfolio of products and customers."

Vincent Stoquart, senior vice president Renewables for TotalEnergies

"TotalEnergies is the ideal partner for our CIS business to take advantage of the growing commercial market and opportunities like community solar and front-of-meter storage," said Peter Faricy, CEO of SunPower. "The sale enables SunPower to focus on creating a superior residential experience, increase our investment in product and digital innovation, and reach more homeowners. The enhanced strategic clarity created by this transaction will help SunPower lead the industry and deliver maximum value to our investors, partners and customers."

Following a thorough process involving discussions with a number of parties, and upon the unanimous recommendation of a special committee of SunPower's independent directors, the acquisition has been approved by both companies. The transaction is expected to close early Q2 subject to the satisfaction of customary closing conditions. This operation is not expected to reduce TotalEnergies' majority ownership stake (50.83%) in SunPower.

About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our 105,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.

TotalEnergies in the U.S.
Operating in the United States since 1957, TotalEnergies is focused on identifying opportunities in the evolving U.S. energy market to meet growing energy needs while reducing carbon emissions. The Company is developing a number of solar and energy storage projects in the U.S., targeting 4 gigawatts in cumulative capacity by 2025. It is also positioning itself in the high-potential U.S. offshore wind market. It has qualified to participate in the upcoming New York Bight offshore wind energy auction and launched a joint venture to explore floating offshore wind opportunities off the West Coast.

TotalEnergies and renewables electricity
As part of its ambition to get to net zero by 2050, TotalEnergies is building a portfolio of activities in renewables and electricity. At the end of September 2021, TotalEnergies' gross renewable electricity generation capacity is 10 GW. TotalEnergies will continue to expand this business to reach 35 GW of gross production capacity from renewable sources and storage by 2025, and then 100 GW by 2030 with the objective of being among the world's top 5 producers of electricity from wind and solar energy.

Spotlight

This huge seacraft is developed by Swiss company PlanetSolar, who wanted to create a vessel which was environmentally friendly and produced zero-emissions. Developed in 2010, the MS Tûranor PlanetSolar is the largest solar-powered boat ever built. Its 500 solar panels can provide 120 kilowatts of energy, allowing the ship to travel around 5 knots. The boat has now been donated to the Race for Water Foundation, who will now use the ship as a laboratory for scientific missions to raise awareness about alternative energy solutions.

Spotlight

This huge seacraft is developed by Swiss company PlanetSolar, who wanted to create a vessel which was environmentally friendly and produced zero-emissions. Developed in 2010, the MS Tûranor PlanetSolar is the largest solar-powered boat ever built. Its 500 solar panels can provide 120 kilowatts of energy, allowing the ship to travel around 5 knots. The boat has now been donated to the Race for Water Foundation, who will now use the ship as a laboratory for scientific missions to raise awareness about alternative energy solutions.

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ENERGY

Ares Management Corporation Announces Agreement to Acquire AMP’s PrivateMarketsCo Infrastructure Debt Platform

Ares Management Corporation | December 27, 2021

Ares Management Corporation (“Ares”), a leading global alternative investment manager, announced that its subsidiary, Ares Holdings L.P., has entered into a definitive agreement to acquire AMP’s PrivateMarketsCo Infrastructure Debt platform (“Infrastructure Debt”), one of the largest infrastructure debt investment platforms globally with approximately US$8 billion in assets under management, as of September 30, 2021. The transaction consideration is A$428 million (US$308 million) and will be funded using cash on hand and Ares’ US$1.1 billion revolving credit facility. The Infrastructure Debt team is led by its Global Head, Patrick Trears, and has 17 dedicated investment professionals located across London, Sydney, Singapore and New York. The team has established a strong risk-adjusted, long-term track record investing approximately US$9 billion of capital across nearly 60 transactions globally with a focus on the digital, utilities, transportation and renewable energy sectors. With a leading reputation among sponsors and developers, the team brings robust direct investment origination and high-quality deal flow capabilities. Given its strong positioning and the compelling market dynamics, the Infrastructure Debt platform has been a leading fundraiser over the past five years with support from a global investor base of approximately 100 institutional investors. This transaction adds complementary investment capabilities to Ares’ current activities in the rapidly growing infrastructure asset class. The Infrastructure Debt team is anticipated to expand and enhance Ares’ existing infrastructure strategy, which has historically focused on value-add equity and flexible capital across the power and climate infrastructure sectors. As part of Ares, the Infrastructure Debt team will be positioned to benefit from the advantages of Ares’ scaled global platform that includes its leading private credit franchise. This combination is expected to bolster future investment, market intelligence and fundraising efforts. We are pleased to announce this acquisition of a highly complementary infrastructure debt platform. We believe that this strategic combination will further propel our infrastructure investment capabilities and expand our global footprint.The team shares a similar credit mindset with Ares, and our infrastructure leadership has enjoyed a great relationship with Patrick and other senior leaders for over a decade. Together we believe we are well-positioned to leverage the full scale of the Ares platform and relationships to provide optimal capital solutions for our investment partners and generate attractive risk-adjusted returns for our investors.” Michael Arougheti, Chief Executive Officer and President of Ares Upon closing of the transaction, Infrastructure Debt will be led by Patrick Trears and will be reported as part of a new segment for Ares called the Ares Real Assets Group. This segment will also include Real Estate led by Bill Benjamin and Infrastructure Equity led by Keith Derman and Andrew Pike. The Ares Real Assets Group would represent approximately US$48 billion of assets under management as-adjusted for the transaction, as of September 30, 2021. The transaction is expected to be immediately accretive to Ares’ after-tax realized income per share of class A common stock. It is expected to close in the first quarter of 2022 and is subject to customary closing conditions, including satisfaction of applicable regulatory requirements. Morgan Stanley & Co. LLC acted as financial advisor to Ares and Kirkland & Ellis LLP and DLA Piper served as legal counsel. Broadhaven Capital Partners acted as financial advisor to PrivateMarketsCo and Nixon Peabody served as legal counsel.

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SOLAR+STORAGE

Bridgestone Americas Announced Its First Ground Solar Array Providing Power to the Manufacturing Process

Bridgestone | March 03, 2021

Bridgestone Americas, Inc. (Bridgestone), an entirely possessed auxiliary of Bridgestone Corporation and a worldwide innovator in manageable portability arrangements, announced its first ground solar array giving power straightforwardly to the manufacturing process. The new solar array is situated at the organization's Aiken County, South Carolina, Passenger/Light Truck Tire Plant in Graniteville, South Carolina. The new establishment incorporates roughly 8 sections of land of solar boards that produce 2 megawatts of energy while lessening 1,400 metric huge loads of CO2 outflows every year, identical to the yearly power utilization of more than 200 homes .1 "At Bridgestone, sustainability is core to our business and integrated into every level of our operation. Our global sustainability framework includes important goals in reducing CO2 emissions by 50 percent by 2030, as we strive toward our long-term environmental target of becoming carbon neutral by 2050," said Paolo Ferrari, president & CEO, Bridgestone Americas, and executive vice president and executive officer, Bridgestone Corporation. "This solar array is another positive step in Bridgestone's journey to contribute to a more sustainable and equitable society for all." Consistent with Bridgestone's obligation to ensure the climate, the Aiken County Passenger Tire Plant sends zero tasks waste to the landfill. "Renewable energy has many benefits for the environment and Bridgestone, most notably the reduction in CO2 emissions and reduced energy costs," said Jim DeMouy, vice president, Environment, Health, Safety and Sustainability, Bridgestone Americas. "Bridgestone is grateful for the support of state and local leaders and community partners who worked with us to make this solar array a reality." The Aiken County Passenger Tire Plant was LEED affirmed by the U.S. Green Building Council and is a Certified Habitat by the National Wildlife Habitat Council. Moreover, Bridgestone offers an assortment of projects through its on location learning focus in Aiken County where it gives free local area effort and preparing as a component of Bridgestone Environmental Education Program which has gotten state and public acknowledgment. The Aiken County Passenger Tire Plant has been respected by acquiring enrollment toward the South Carolina Environmental Excellence Program in July 2018 which required a broad assessment of the many intentional endeavors by the plant to advance ecological security. As of late, the plant collaborated with Clemson University, the South Carolina Department of Natural Resources, the South Carolina Department of Health and Environmental Control and the U.S. Branch of Agriculture to use its solar array as a pilot for the improvement of a supportable ground covering using local South Carolina plants to energize local, low-upkeep biodiverse vegetation in and around solar arrays in the state. About Bridgestone Americas, Inc.: Nashville, Tennessee-based Bridgestone Americas, Inc. is a subsidiary of Bridgestone Corporation, a global leader providing sustainable mobility and advanced solutions. Bridgestone Americas develops, manufactures and markets a diverse portfolio of original equipment and replacement tires, tire-centric solutions, mobility solutions, and other rubber-associated and diversified products that deliver social value and customer value. Guided by its global corporate social responsibility commitment, Our Way to Serve, Bridgestone is dedicated to shaping a sustainable future of mobility and improving the way people move, live, work and play.

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ENERGY

Magnora and TechnipFMC (FTI) to Form Floating Wind Power

TechnipFMC | March 22, 2021

TechnipFMC plc FTI recently announced an agreement with Magnora, a clean energy corporation headquartered in Norway, to jointly develop and support floating offshore wind opportunities. Magnora primarily owns clean energy growth projects in the offshore wind, onshore wind, and solar sectors. The collaboration will aim to draw on Magnora's clean energy experience as well as TechnipFMC's. Magnora Offshore Wind has already started the application process for the first phase of seabed leasing under the Scottish government's ScotWind Leasing project. In addition, the merged company is considering engaging in Norway's first offshore wind application round, which starts this year and has ambitions to develop into new markets in the immediate future. Jonathan Landes, president, subsea, TechnipFMC stated that “Magnora and TechnipFMC bring together decades of combined knowledge regarding the development of profitable offshore energy projects. This partnership reflects TechnipFMC’s ambition to capture a significant position in the renewable offshore energy market. We are delighted to support Magnora Offshore Wind by providing our expertise and know-how in bringing innovative offshore energy solutions to the market.” About TechnipFMC TechnipFMC is a leading manufacturer and provider of energy-related devices, services, and fully integrated technology solutions. Technip and FMC Technologies merged in January 2017, creating a group that develops, produces, and operates technologically innovative systems and devices for subsea, onshore/offshore, and surface projects.

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