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English Español TotalEnergies acquires SunPower’s solar business

The energy company aims to expand its reach in the American solar distributed generation whiled the acquired firm focuses on accelerating growth in residential solar services.



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TotalEnergies announced the signing of a definitive agreement with SunPower Corp.’s to purchase its Commercial & Industrial Solutions business for $250 million. The oil company is the majority shareholder of the solar technology and energy services provider, and the transaction includes $60 million of earn-out subject to regulatory evolution

“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 of Renewables for TotalEnergies.

The acquisition follows TotalEnergies' strategy to develop its distributed generation business, which currently is nearing the 500 MW mark in operation around the world. Iit will also allow the firm to expand its distributed generation business footprint to the U.S. and develop over 100 MW of additional capacity per year.

“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. The sale enables SunPower to focus on creating a superior residential experience, increase our investment in product and digital innovation, and reach more homeowners,” said Peter Faricy, CEO of SunPower.

In addition, this activity is aiming to create synergy with its solar energy portfolio in the country, enabling B2B customers to benefit from more energy solutions and new capabilities in financing and project ownership.

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