French multinational group TotalEnergies has snapped up SunPower’s commercial and industrial solutions business in a $250m deal.
TotalEnergies is already a majority shareholder in SunPower, which is a US-based solar technology and energy services provider.
The deal will allow TotalEnergies to extend its distributed generation business footprint Stateside and develop over 100 MW of additional capacity per year.
The French multinational majority ownership stake in SunPower is not expected to reduce due to the latest deal, which is likely to close in the early second quarter of this year.
This follows SunPower revealing last December that it was in advanced talks related to the potential sale of its CIS business.
“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,” said Vincent Stoquart, senior vice president Renewables at TotalEnergies.
He added that the company would aim for 4GW of solar capacity by 2025 in the US.
For all the latest Lifestyle News Click Here
For the latest news and updates, follow us on Google News.
