California — TotalEnergies announced it has signed a definitive agreement with SunPower to purchase its Commercial & Industrial Solutions (CIS) business for $250 million, including $60 million of earn-out, subject to regulatory evolution.
TotalEnergies is the majority shareholder of SunPower.
The acquisition will allow TotalEnergies to extend its distributed generation business footprint to the U.S. and to develop over 100 MW of additional capacity per year. Beyond, this activity will also create synergies with TotalEnergies’ large-scale solar energy portfolio in the U.S and enable B2B customers to benefit from more comprehensive energy solutions and new capabilities in financing and project ownership.
SunPower says this all it to focus on its high-growth residential business.
All in all, this win-win operation fully fits TotalEnergies and SunPower’s respective strategies to better serve industrial, commercial and residential customers.
“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.
Following a thorough process involving discussions with a number of parties, and upon the unanimous recommendation of a special committee of SunPower’s independent directors, the acquisition has been approved by both companies.
The transaction is expected to close in 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.