SunPower acquires Blue Raven Solar, looks to get out of large commercial solar business
SunPower just announced it has acquired Blue Raven Solar, a residential solar sales company. Blue Raven Solar, based in Utah, has sales operations in 17 states.
“SunPower and Blue Raven share a vision to provide the world with affordable, resilient, sustainable energy,” said Peter Faricy, CEO of SunPower. “This acquisition enables us to bring the most powerful and efficient solar technology available to a new group of homeowners and accelerate our growth strategy.”
The acquisition was made for a consideration of up to $165 million in cash. Blue Raven CEO Ben Peterson will join SunPower’s executive team, and the company expects to build on Blue Raven’s current employee and contractor relationships.
Since its founding in 2014, Blue Raven has built a profitable and fast-growing business, with a compound annual growth rate (CAGR) of 93% with a direct-to-consumer sales and installation model. Blue Raven currently exports more than 90% of its volume in 14 states representing only about 5% of SunPower’s revenue, providing SunPower with significant net new geographic coverage opportunity.
“We have always focused on making it easy for customers to access high-quality renewable energy. SunPower offers the most advanced solar solutions and shares our passion for delivering an incredible customer experience,” said Peterson. “Together, we’re going to give homeowners even more compelling reasons to switch to clean, renewable energy. This is a clear win for our organizations and for homeowners everywhere we operate.”
SunPower plans to combine its products and digital marketing tools with Blue Raven’s highly successful direct sales model to accelerate its go-to-market strategy and add new best practice capabilities to its national dealer network. In addition, SunPower expects Blue Raven’s volume to help expand its comprehensive line of financial products and significantly increase its credit volume in 2022.
Today’s acquisition news coincides with a renewed focus on the residential market for SunPower. The company said it is exploring strategic options for its Commercial & Industrial Solutions division – which serves businesses and the public sector – including new property. This path would optimize SunPower’s capital commitment to its residential and light commercial operations, while allowing the larger commercial division to better capitalize on its growing addressable market and opportunities such as community solar, front-of-meter storage and the tailwind of infrastructure legislation. .
“SunPower doubles the growth of homes. By investing in residential market expansion and technological innovation, we can put solar power in more homes and provide customers with an incredible experience when they choose renewable energy. This clarity and focus will enable us to lead the industry and deliver maximum value to our investors, partners and customers,” said Faricy.
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