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.
“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%.
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