From pv magazine USA
SunPower has signed a definitive agreement with TotalEnergies, its majority shareholder, to sell its commercial and industrial solutions (CIS) business for $250 million, including $60 million of earn-out, subject to regulatory evolution.
TotalEnergies currently holds close to 500MW in distributed energy generation throughout the world and this acquisition will extend that footprint to the US market. It will also allow TotalEnergies to develop more than 100MW of additional capacity per year.
The sale comes as no surprise, as the company said last November that it would consider divesting the commercial operation, revealing that its C&I projects had contributed an $8 million loss to its third-quarter earnings. SunPower had also previously announced that it would focus on its residential business.
Popular content
“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 gigawatts of solar capacity by 2025,” said Vincent Stoquart, senior vice president of renewables for TotalEnergies. “This will also give SunPower additional resources to focus on the growing residential market.”
The acquisition has been approved by both companies and is expected to close early in the second quarter, subject to the satisfaction of customary closing conditions. TotalEnergies reports that its majority ownership stake in SunPower will remain at 50.83%.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
6 comments
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.