TotalEnergies acquiring SunPower’s CIS unit for US$250m

Facebook
Twitter
LinkedIn
Reddit
Email
TotalEnergies said the deal will create synergies with its utility-scale PV portfolio in the US. Image. SunPower.

French energy major TotalEnergies is acquiring US solar installer SunPower’s Commercial and Industrial Solutions (CIS) business for US$250 million.

TotalEnergies, which owns a 50.83% stake in SunPower, said the deal will allow it to extend its distributed generation footprint to the US and to develop more than 100MW of additional capacity per year.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Due to close early in the second quarter, the deal is not expected to reduce TotalEnergies’ ownership in the installer, the companies said.

California-headquartered SunPower announced in October that it was exploring strategic options for the CIS unit as it looks to double down on growth in the residential solar sector, having completed the spin-off of its manufacturing operations to Maxeon Solar Technologies and sale of its operations and maintenance business in 2020.

SunPower CEO Peter Faricy said the sale of CIS will enhance the company’s strategic clarity while enabling it to increase investment in its products and to reach more homeowners.

The company’s residential footprint has been boosted by its US$165 million acquisition last year of Utah-based residential solar provider Blue Raven, a deal it said would enhance its presence in 14 US states.

Publishing its preliminary Q4 results last month, SunPower said it saw a 33% increase in the number of households within its serviceable market in the fourth quarter, thanks in part to business acquisitions, as its residential lead generation hit new highs.

However, the company warned that its Q4 performance will be below the midpoint of its previous guidance after poor weather in California was blamed for installations being pushed back into 2022, while it has also been hit by a cracking issue discovered in connectors associated with equipment installed in some C&I projects, resulting in charges of around US$31 million. The connectors are due to be largely replaced this year.

For TotalEnergies, the CIS acquisition forms part of efforts to develop its distributed generation business, which currently has close to 500MW in operation worldwide. The deal is also expected to create synergies with its large-scale PV portfolio in the US while helping its business customers meet their sustainable development goals.

Vincent Stoquart, senior vice president of renewables for TotalEnergies, said the acquisition “is a new milestone in our renewable development” in the US, where the company is targeting 4GW of solar capacity by 2025.

Early last year, the company formed a joint venture with 174 Power to develop 12 utility-scale solar and energy storage projects in the US before going on to acquire a development pipeline of 2.2GW of solar and 600MW of battery storage assets in Texas.

TotalEnergies was the fourth largest corporate clean energy buyer globally in 2021, behind Amazon, Microsoft, Meta and chemicals company BASF, according to recent research from BloombergNEF.

Publishing its 2021 financial results today, TotalEnergies revealed it plans to add 6GW of gross renewables capacity this year, taking its total to 16GW. Thanks to surging oil and gas prices, the company posted 2021 net income of US$16 billion.

Read Next

Premium
June 27, 2025
PV Talk: '2024 was a transformational year in terms of energy policy,' says Monika Paplaczyk ahead of this year's Clean Power 2030 Summits.
June 25, 2025
US EPC contractor SOLV Energy has acquired high-voltage (HV) transmission contractor Arizona-based Spartan Infrastructure.
Premium
June 18, 2025
Aesolar and Fraunhofer CSP are developing segmented solar modules optimised for rooftops with partial shading.
Sponsored
June 12, 2025
At this year’s Intersolar Europe event, held in Munich, Germany, Solavita launched a new hybrid inverter for the C&I sectors.
June 2, 2025
Indonesia has ratified the PLN Electricity Supply Business Plan 2025–2034, targeting 42.6GW of renewable energy generation.
May 27, 2025
China has installed a record of 104.9GW of solar PV between January and April 2025, according to data from the Chinese National Energy Administration. 

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece