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.
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