TotalEnergies buys SunPower’s commercial installation business
TotalEnergies announced it has signed a definitive agreement with SunPower to purchase its Commercial & Industrial Solutions (CIS) business for $250 million, including $60 million of earn-out, subject to regulatory evolution. TotalEnergies is the majority shareholder of SunPower.
“With this acquisition, TotalEnergies is further investing to grow its distributed generation activity in the US and support its B2B customers in meeting their sustainable development goals. It is a new milestone in our renewable development in the country, where we are targeting 4 GW of solar capacity by 2025,” said Vincent Stoquart, senior vice president Renewables for TotalEnergies. “This will also give SunPower additional resources to focus on the growing residential market. We look forward to welcoming the Commercial & Industrial teams and ensuring the continuity of TotalEnergies’ commitment in this business as we integrate this high-quality portfolio of products and customers.”
SunPower announced in October that it was looking to sell its commercial business line, after it acquired residential installer Blue Raven Solar.
“TotalEnergies is the ideal partner for our CIS business to take advantage of the growing commercial market and opportunities like community solar and front-of-meter storage,” said Peter Faricy, CEO of SunPower. “The sale enables SunPower to focus on creating a superior residential experience, increase our investment in product and digital innovation, and reach more homeowners. The enhanced strategic clarity created by this transaction will help SunPower lead the industry and deliver maximum value to our investors, partners and customers.”
Following a thorough process involving discussions with a number of parties, and upon the unanimous recommendation of a special committee of SunPower’s independent directors, the acquisition has been approved by both companies. The transaction is expected to close early Q2 subject to the satisfaction of custom closing conditions. This operation is not expected to reduce TotalEnergies’ majority ownership stake (50.83%) in SunPower.
News item from SunPower