TotalEnergies to acquire SunPower's CIS solar ops for USD 250m
- French multi-energy group TotalEnergies SE (EPA: TTE) has authorized a USD-250-million (EUR 219m) deal to obtain the Commercial & Industrial Solutions (CIS) business of majority-owned United States solar business SunPower Corp (NASDAQ: SPWR).
TotalEnergies said in a statement that this acquisition will certainly allow it to prolong its distributed generation (DG) business footprint to the United States and to establish more than 100 MW of additional ability per year, while also developing synergies with its large-scale solar energy portfolio in the country. The French group's existing DG service includes 500 MW of properties in operation worldwide.
"With this purchase, TotalEnergies is better spending to expand its dispersed generation activity in the united state and support its B2B consumers in satisfying their lasting advancement objectives. It is a new turning point in our eco-friendly development in the nation, where we are targeting 4 gigawatts of solar capacity by 2025," said Vincent Stoquart, senior vice president Renewables for TotalEnergies.
At the same time, SunPower will certainly get added sources to sustain its strategy to concentrate on the expanding residential market, Stoquart added.
The offer worth consists of USD 60 countless earn-out, according to the announcement. The deal is set up to close early in the second quarter as well as will not cause a decrease of TotalEnergies' 50.83% risk in SunPower, the purchaser stated.