SunPower and Total go through with $1.3 billion majority stake deal

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.