SunPower’s majority shareholder, TotalEnergies, to acquire its commercial solar business

TotalEnergies is purchasing SunPower Corp.’s Commercial & Industrial Solutions (CIS) business for $250 million, including $60 million of earn-out, subject to regulatory evaluation. TotalEnergies is the majority shareholder of SunPower.

TotalEnergies is dedicated to building up its distributed generation business, currently sitting around 500 MW worldwide. This acquisition gives TotalEnergies’s U.S. footprint a boost, where the company now plans to develop over 100 MW of additional capacity per year.

“With this acquisition, TotalEnergies is further investing to grow its distributed generation activity in the U.S. 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 Renewables for TotalEnergies.

As for SunPower, this operation follows previous announcement to focus on its high-growth residential business.

“TotalEnergies is the ideal partner for our CIS business to take advantage of the growing commercial market and opportunities like community solar and front-of-meter storage,” said Peter Faricy, CEO of SunPower. “The sale enables SunPower to focus on creating a superior residential experience, increase our investment in product and digital innovation, and reach more homeowners.”

The transaction is expected to close early Q2 subject to the satisfaction of customary closing conditions. This operation is not expected to reduce TotalEnergies’ majority ownership stake (50.83%) in SunPower.