Brian Eckhouse/Bloomberg News
PARIS
EnergiesNet.com 02 14 2022
TotalEnergies SE agreed to buy SunPower Corp.’s commercial and industrial solar business for $250 million.
The price includes a $60 million earn-out, according to a statement. SunPower said in a separate regulatory filing that it will get $190 million in cash and up to $60 million more “if certain legislative action is taken” by June 30. TotalEnergies is the majority shareholder of SunPower.
The acquisition would extend TotalEnergies’s distributed-generation business to the U.S. It comes months after San Jose, California-based SunPower said it was exploring strategic options for its commercial and industrial unit as it focuses on the residential sector.
For SunPower, “this divestiture puts an end to the chronic quarterly choppiness associated with the segment,” Pavel Molchanov, an analyst at Raymond James, said in a note Thursday.
Read more: TotalEnergies to boost returns after record profit
SunPower’s shares were up as much as 3.1% in intraday trading on Thursday.
bloomberg.com 02 10 2022
