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

TotalEnergies SE and related entities report adjustments in their beneficial ownership of Clearway Energy, Inc. due to forfeiture of restricted stock.

Summary

• TotalEnergies SE, along with related entities including TotalEnergies Gestion USA SARL, TotalEnergies Holdings USA, Inc., TotalEnergies Delaware, Inc., and TotalEnergies Renewables USA, LLC, filed a Form 4 regarding changes in beneficial ownership of Clearway Energy, Inc. (CWEN).
• The changes are due to the forfeiture of shares of restricted stock of Clearway Energy, Inc. previously granted by Clearway Energy Group LLC under its Long Term Equity Incentive Program to one or more of its employees.
• On July 10, 2024, 532 shares of Class C Common Stock were forfeited, resulting in TotalEnergies SE indirectly beneficially owning 63,691 shares.
• On July 12, 2024, an additional 266 shares of Class C Common Stock were forfeited, resulting in TotalEnergies SE indirectly beneficially owning 63,957 shares.
• The securities are held directly by Clearway Energy Group, of which GIP III Zephyr Acquisition Partners, L.P. is the sole member.
• TotalEnergies Renewables USA, LLC holds 50% of the equity interests in Zephyr GP, the general partner of Zephyr.
• Each of the reporting entities disclaims beneficial ownership of the securities, except to the extent of their pecuniary interest therein.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing, indicating a neutral sentiment. It simply reports changes in ownership due to stock forfeitures.

Industry Context

This filing is a routine disclosure related to changes in ownership positions by major shareholders, which is common in publicly traded companies, especially those with complex ownership structures like Clearway Energy, Inc.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership as per SEC regulations.
• The ownership structure involving multiple layers of entities (e.g., TotalEnergies SE, TotalEnergies Renewables USA, LLC, Clearway Energy Group) is not uncommon for large multinational corporations with investments in renewable energy projects.
• Similar filings are regularly made by other major shareholders in the renewable energy sector, such as Brookfield Renewable Partners or NextEra Energy Partners, when their ownership positions change.

Stakeholder Impact

• The changes in beneficial ownership are unlikely to have a significant immediate impact on Clearway Energy, Inc.'s stakeholders, as they relate to internal equity incentive programs and ownership structures within TotalEnergies' affiliated entities.

Key Dates