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

solar industry deal

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.

Have you checked out our YouTube page?

We have a ton video interviews and additional content on our YouTube page. Recently we debuted Power Forward! -- a collaboration with BayWa r.e. to discuss higher level industry topics as well as best practices / trends for running a solar business today.

Our longer running side project is The Pitch -- in which we have awkward discussions with solar manufacturers and suppliers about their new technology and ideas so that you don't have to. We've discusses everything from residential rail-less deck attaching and home solar financing to large-scale energy storage value stacking and utility-driven new home solar + storage microgrids.

We also post our Project of the Year announcements there! Interviews with this year's winners will be up starting the week of Nov. 8. Head there and subscribe today to stay on top of all this extra stuff.

Comments are closed here.