(Reuters) – TotalEnergies SE agreed to buy U.S. solar company SunPower Corp’s Commercial and Industrial Solutions business (CIS) for $250 million, the French group said on Thursday.
The deal will allow TotalEnergies to extend its distributed generation business footprint to the United States and develop over 100 MW of additional capacity per year, the group said.
TotalEnergies’ 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, it added.
In December, SunPower had said 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 4 gigawatt of solar capacity by 2025 in the U.S.
(Reporting by Sneha Bhowmik in Bengaluru and Nichola Groom in Los Angeles; Editing by Shailesh Kuber)
