French oil & gas supermajor TotalEnergies piled on another 4GW of US green power capacity with the acquisition of Texas-based PV and storage developer Core Solar.
The deal, for an undisclosed amount, means TotalEnergies now has a 10GW-plus portfolio of US renewable assets spanning solar, storage and offshore wind.
Core Solar’s projects at various stages of development across multiple states will become part of the French group’s push for 100GW of gross renewable capacity by 2030, among the most ambitious in the industry.
Vincent Stoquart, senior vice president renewables at TotalEnergies, said Core Solar has “established an impressive track record with market-leading technical expertise, consistently delivering optimal project results”.
The latest swoop follows a spate of previous gigawatt-scale deals for US solar interests in 2021 and a move earlier this year to take control of the commercial & industrial (C&I) business of California-based solar PV group SunPower.
Solar is now widely seen as in the ascendancy in the US renewables sector, with the Energy Information Administration (EIA) predicting the former will see more utility-scale capacity than wind installed for the first time in 2022 driven by a favourable tax credit situation.
TotalEnergies also cemented its place in US offshore wind with a successful bid in the New York Bight round of seabed leasing, and is now targeting floating wind off the US west coast.
The French company joins other European oil & gas groups in making big inroads into US renewables, in contrast with America’s domestic fossil players which have largely stayed clear of wind and solar.
TotalEnergies was this month ranked number two behind Shell in a list of oil & gas players best prepared for the energy transition published by research group BloombergNEF.
