SunPower and Total go through with $1.3 billion majority stake deal15. June 2011 | Global PV markets, Markets & Trends | By: Jonathan Gifford
Californian sunshine and French oil and gas have come together in a cash deal where SunPower will sell 60 percent of its class A and B stock to Total, at a price of $23.25 per share. With over 30 million shares changing hands the deal is estimated to cost Total $1.3 billion.
In a statement announcing the deal’s completion, Total’s Philippe Boisseau said that the deal represents progress for the solar industry. "To ensure the long-term viability of solar energy, the marketplace requires global integrated industrial players that are financially stable and committed to advancing cutting-edge technology."
SunPower’s president and CEO Tom Werner described the investment in glowing terms. "Total’s transformational investment in SunPower significantly strengthens our company, accelerates our success in a broader marketplace and enhances our R&D efforts."
As part of the deal giving Total the majority stake in SunPower, they will supply the photovoltaic company with a further $1 billion in credit support over the next five years. SunPower has posed consecutive losses in quarter one and two of 2011.
Choose between a digital and print subscription from pv magazine publisher Solarpraxis AG’s online shop!
- 2156 views
- 2088 views
- 1961 views
- 1812 views
- 1796 views
Opinion & analysis
Why do so many believe MENA is the next big solar market?, asks Yassir Gamil, managing director of Solarpraxis' new MENA office
Want to publish your press releases for free? Simply log in or register, enter the information you want to appear and we'll publish it for you!