18/02/2022 by Mark
French oil major TotalEnergies has agreed to acquire SunPower’s commercial and industrial (C&I) business. SunPower, for which TotalEnergies is a majority shareholder, is a California-based firm specialising in products and services related to solar power.
The C&I business is oriented towards working with large organizations – such as public agencies, government, and big firms like Toyota – to deliver solar systems that can help them meet their ambitious decarbonisation goals. Once TotalEnergies has taken on this business, potentially at a cost of $250 million, SunPower will focus on domestic systems. The acquisition is not expected to affect TotalEnergies majority ownership in SunPower.
TotalEnergies’ Senior Vice President for Renewables, Vincent Stoquart, said about the deal:
“With this acquisition, TotalEnergies is further investing to grow its distributed generation activity in the US and support its business-to-business customers in meeting their sustainable development goals. It is a new milestone in our renewable development in the country, where we are targeting 4 gigawatt of solar capacity by 2025.”
TotalEnergies – which also makes the high-quality Total lubricants for applications like metalworking, food and manufacturing – has had a stake in SunPower since 2011. It is currently ramping up its presence in the renewables market of the US, where solar is thought to be on the rise, so that it may beat wind in terms of utility-scale capacity this year.
There is also a strong demand from US corporations for renewable power solutions to help them meet decarbonisation targets, either by securing deals with green power projects or installing their own capacity.
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