Form 4: TotalEnergies SE Reports Changes in Beneficial Ownership of Clearway Energy, Inc.

TotalEnergies SE and related entities report transactions involving Clearway Energy, Inc. Class C Common Stock, including acquisitions and disposals related to equity incentive programs and tax obligations.

Summary

• TotalEnergies SE and several related entities, including TotalEnergies Gestion USA SARL, TotalEnergies Holdings USA, Inc., TotalEnergies Delaware, Inc., and TotalEnergies Renewables USA, LLC, filed a Form 4 detailing changes in their beneficial ownership of Clearway Energy, Inc. (CWEN) Class C Common Stock.
• On April 1, 2024, shares were withheld to satisfy tax obligations related to the vesting of restricted stock previously granted by Clearway Energy Group LLC to its employees.
• Also on April 1, 2024, shares of restricted stock of Clearway Energy, Inc. were granted by Clearway Energy Group under its Long Term Equity Incentive Program to employees.
• TotalEnergies SE indirectly holds shares through its ownership structure involving Clearway Energy Group, GIP III Zephyr Acquisition Partners, L.P., and other entities.
• The reporting persons have agreed to voluntarily disgorge any profits deemed realized from such transactions to the Issuer.

Sentiment

Score: 6

Explanation: The document reflects routine transactions related to equity compensation and tax obligations. It doesn't indicate any significant positive or negative developments for the company.

Positives

• The reporting persons have agreed to voluntarily disgorge any profits deemed realized from such transactions to the Issuer.

Industry Context

This filing reflects ongoing equity-based compensation practices within the renewable energy sector, where companies often use stock grants to incentivize employees. TotalEnergies' involvement as a significant shareholder highlights the continued investment and strategic interest in Clearway Energy, Inc.

Comparison to Industry Standards

• Equity incentive programs are a common practice among publicly traded companies, particularly in the energy and infrastructure sectors, to align employee interests with shareholder value.
• Companies like NextEra Energy Partners, Brookfield Renewable Partners, and Atlantica Sustainable Infrastructure also utilize similar equity-based compensation strategies.
• The specific details of these programs, such as vesting schedules and performance metrics, can vary widely based on company-specific factors and industry norms.

Stakeholder Impact

• The transactions may have a minor impact on shareholders due to the changes in beneficial ownership.
• Employees of Clearway Energy Group who received restricted stock grants will be positively impacted.
• The voluntary disgorgement of profits by the reporting persons is a positive signal for shareholders.

Key Dates