Total Energy Acquires SunPower's Commercial And Industrial Solar Business
Feb 15, 2022
French energy giant TotalEnergies has agreed to buy SunPower Corp.'s commercial and industrial solar business for $250 million, according to a Paris report on February 14.
The price includes $60 million in profitability, according to a statement. In a separate regulatory filing, SunPower said it would receive $190 million in cash and as much as $60 million "if certain legislative action is taken" by June 30. Total Energy is the majority shareholder of SunPower.
The acquisition will expand TotalEnergies' distributed generation business into the United States. A few months ago, San Jose, Calif.-based SunPower said it was exploring strategic options for its commercial and industrial segments due to its focus on the residential sector.
For SunPower, "the divestiture brings an end to a long period of quarterly volatility in the space," Raymond James analyst Pavel Molchanov said in a note Thursday.
Shares of SunPower rose 3.1% in intraday trading on Thursday.
