Sempra Infrastructure, a subsidiary of Sempra, and TotalEnergies are expanding their North American strategic alliance through a memorandum of understanding (MOU) for a proposed offshore wind project in California under development by TotalEnergies, as well as other renewable energy and energy storage projects under development by Sempra Infrastructure in northern Mexico.
The MOU provides a framework for broader cooperation in the development of North American renewable energy projects, including the potential acquisition by Sempra Infrastructure of a target of 30% of TotalEnergies’ equity interest in a proposed offshore wind project, which would result in 24% of the project, in preparation for an upcoming auction off the coast of California.
In addition, the MOU provides the framework for TotalEnergies’ potential acquisition of equity participation targeting 30% in certain Sempra Infrastructure renewable and energy storage development projects in northern Mexico.
“With last week’s energy accord between the U.S. and European Commission, alliances between some of the leading energy companies like TotalEnergies and Sempra are increasingly important to transatlantic trade and energy security,” says Jeffrey W. Martin, chairman and CEO of Sempra. “We own one of the largest energy networks in North America, and by collaborating with TotalEnergies… our customers benefit from having access to cleaner and more affordable energy options and improved security of supply.”