SunPower has now completed the acquisition of BIPV specialist Tenesol from Total, paying out US$165.4 million in cash. Ownership of Total in SunPower will increase to 66% as part of the transaction as Total purchases 18.6 million shares of SunPower common stock in a private placement at US$8.80 per share.
“SunPower is well positioned to gain share during the current market transition with the addition of Tenesol's established European and global customer channels and strong manufacturing base in Europe and Africa,” said Tom Werner, SunPower president and CEO.
“Tenesol's well-established engineering and sales channels and strong team will complement SunPower’s world-leading high efficiency, high reliability solar panels and systems global footprint,” he continued.
“With SunPower’s industry-leading technology, attractive long-term cost roadmap, our joint collaboration on research and development and Tenesol’s established downstream presence, the combined company is well positioned to open new, largely untapped markets for solar,” said Arnaud Chaperon, senior vice president of the Total Gas and Power Division.
Globally, Tenesol has installed more than 15,000 solar systems totalling ~500MW and expects to record revenue of approximately €200 million in 2011. Post acquisition, SunPower will have deployed more than 2,500MW of solar technology worldwide.