TotalEnergies buys SunPower’s commercial and industrial businesses for $250 million

The logo of French oil and gas company TotalEnergies is pictured at an electric car charging station and a gas station in the financial and business district of La Defense in Courbevoie near Paris, France, June 22, 2021. REUTERS /Gonzalo Fuentes

Feb 10 (Reuters) – TotalEnergies SE (TTEF.PA) has agreed to buy the Commercial and Industrial Solutions (CIS) business of U.S. solar company SunPower Corp (SPWR.O) for $250 million, the group said on Thursday. French.

The deal will allow TotalEnergies to expand its distributed generation business in the United States and develop more than 100 MW of additional capacity per year, the group said.

TotalEnergies’ majority stake in SunPower is not expected to decrease due to the latest deal, which is expected to close early in the second quarter, he added.

In December, SunPower said it was in advanced talks regarding the potential sale of its IEC business.

“With this acquisition, TotalEnergies is investing further to grow its distributed generation business in the United States and help its B2B customers achieve their sustainability goals,” said Vincent Stoquart, senior vice president of Renewables at TotalEnergies.

He added that the company would aim for 4 gigawatts of solar capacity by 2025 in the United States.

Reporting by Sneha Bhowmik in Bengaluru and Nichola Groom in Los Angeles; Editing by Shailesh Kuber

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