By Renewable Energy Focus staff
The friendly tender offer values SunPower’s equity at US$2.3 billion.
In addition to the tender offer, Total will provide up to US$1bn of credit support over the next five years, and the two companies have entered into a research and collaboration agreement focusing on advancing solar photovoltaic (PV) technologies.
Tom Werner, SunPower’s CEO, says: “With Total’s US$1bn credit support agreement, solar research and development investments and the other resources available through its global network, we have taken the next step in positioning our business for continued growth and long-term success. Our relationship with Total will improve our capital structure enabling SunPower to accelerate our power plant and commercial development businesses, and expand our manufacturing capacity with lower cash requirements.”
He continues: Total and SunPower will collaborate to ensure that solar becomes a platform for an efficient, competitive and sustainable energy future.”
Philippe Boisseau, President at Total Gas and Power Distribution, adds: “… Total is executing on its strategy to become a major integrated player in solar energy. We evaluated multiple solar investments for more than two years and concluded that SunPower is the right partner based on its people, world-leading technology and cost roadmap, vertical integration strategy and downstream footprint.”
SunPower will continue to operate with its current management team.