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    TotalEnergies acquiring SunPower’s C&I Solutions business for $250M

    Feb. 15, 2022
    For TotalEnergies, which already owns a majority stake in SunPower, this is a step towards the development of its distributed generation business, which accounts for approximately 500 MW in operation
    Image credit Total Energies
    Total Solar 620ab5d4649f6

    TotalEnergies signed a definitive agreement with SunPower to acquire the latter’s Commercial & Industrial Solutions (CIS) business for $250 million.

    Currently, TotalEnergies is the majority shareholder of SunPower and this transaction is not expected to reduce the firm’s 50.83% stake in the SunPower. The transaction is expected to close in the second quarter of 2022.

    For TotalEnergies, this is a step towards the development of its distributed generation business, which accounts for approximately 500 MW in operation. The firm will be able to extend its footprint to the U.S. and develop additional capacity of 100 MW each year.

    “It is a new milestone in our renewable development in the country, where we are targeting 4 GW of solar capacity by 2025. This will also give SunPower additional resources to focus on the growing residential market, “Vincent Stoquart, senior vice president Renewables for TotalEnergies, said. “We look forward to welcoming the Commercial & Industrial teams and ensuring the continuity of TotalEnergies’ commitment in this business as we integrate this high-quality portfolio of products and customers.”

    The activity will also create synergies with TotalEnergies' solar energy portfolio in the U.S.

    For SunPower, the operation follows its previous decision 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,” SunPower CEO Peter Faricy said. “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 enhanced strategic clarity created by this transaction will help SunPower lead the industry and deliver maximum value to our investors, partners and customers.”

    About the Author

    EnergyTech Staff

    Rod Walton is senior editor for EnergyTech.com. He has spent 14 years covering the energy industry as a newspaper and trade journalist.

    Walton formerly was energy writer and business editor at the Tulsa World. Later, he spent six years covering the electricity power sector for Pennwell and Clarion Events. He joined Endeavor and EnergyTech in November 2021.

    He can be reached at [email protected]. 

    EnergyTech is focused on the mission critical and large-scale energy users and their sustainability and resiliency goals. These include the commercial and industrial sectors, as well as the military, universities, data centers and microgrids.

    Many large-scale energy users such as Fortune 500 companies, and mission-critical users such as military bases, universities, healthcare facilities, public safety and data centers, shifting their energy priorities to reach net-zero carbon goals within the coming decades. These include plans for renewable energy power purchase agreements, but also on-site resiliency projects such as microgrids, combined heat and power, rooftop solar, energy storage, digitalization and building efficiency upgrades.