By Pierre Bertrand

 

TotalEnergies SE's deal to buy 50% of U.S. renewable energy company Clearway Energy Group was given the green light by the European Union on Friday.

The European Commission, the executive arm of the EU, concluded that the deal wouldn't pose competition issues, it said.

The French energy giant in May agreed to acquire a 50% stake in Clearway Energy from infrastructure fund manager Global Infrastructure Partners LLC for $1.6 billion in cash plus an interest of 50% minus one share in a TotalEnergies subsidiary that owns 50.6% of U.S. residential solar power company SunPower Corp.

TotalEnergies said at the time that the deal would increase its U.S. renewable energy portfolio to more than 25 gigawatts.

 

Write to Pierre Bertrand at pierre.bertrand@wsj.com

 

(END) Dow Jones Newswires

August 12, 2022 12:22 ET (16:22 GMT)

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