Energy

SunPower sells commercial and industrial business to TotalEnergies

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SunPower solar installation on a home.

Courtesy: SunPower

TotalEnergies is buying SunPower‘s commercial and industrial business, the two companies announced Wednesday evening.

The $250 million deal includes $190 million cash up front, plus another $60 million to be paid if an extension to the solar investment tax credit is passed, a company spokesperson said. The acquisition is expected to close in the second quarter.

TotalEnergies is SunPower’s majority owner, holding a 50.8% stake in the company.

The move comes after SunPower announced a restructuring in October aimed at doubling down on the residential solar market, which the company said is larger, more profitable, and growing faster. The…



Source cnbc.com

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