SunPower Corp. (NASDAQ: SPWR), a Silicon Valley-based manufacturer of high-efficiency solar cells, solar panels and solar systems announced it has completed its acquisition of the wholly-owned Total SA subsidiary Tenesol SA, a global solar provider headquartered in La Tour de Salvagny, France for $165.4 million in cash. Concurrently with the closing of this acquisition, Total purchased 18.6 million shares of SunPower common stock in a private placement at $8.80 per share. Total now owns approximately 66 percent of SunPower's common stock.
"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."
"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, Total Gas and Power Division.
Tenesol has been designing, engineering, manufacturing, installing and managing solar energy systems for its global customer base since 1983. It is a leading solar energy operator in Europe with a strong pipeline in the French market for large industrial and commercial photovoltaic rooftop solutions. The company has installed more than 15,000 solar systems worldwide totaling approximately 500 megawatts (MW) dc. In addition, Tenesol is a leader in the global off-grid market sector and expects to record revenue of approximately EUR 200 million in 2011. Post acquisition, SunPower will have deployed more than 2,500 MW dc of solar technology globally.