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

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.”