Total Takeover of SunPower
It seems that more and more oil and gas companies are making their way into the renewable energy sector, and why not? Oil and gas companies are among the wealthiest in the world and understand the scarcity of oil and that renewables are the future of energy generation. What’s more, these companies have the power and capital to really bring renewable energy to the forefront. That’s the game plan for French oil and gas giant Total, who is looking to buy a majority stake in SunPower solar panel manufacturer.
A majority of SunPower investors have backed the $1.3 billion takeover by Total, who is seeking a 60 percent stake in the company. Total plans to pay SunPower shareholders $23.25 per share, with SunPower’s valuation at $2.3 billion.
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“We’re going to transform the No. 1 in the U.S. into a worldwide leader,” Philippe Boisseau, president of Total Gas & Power, said by telephone. “We believe the winners in the solar industry will be fully integrated, financially solid, advanced technology and worldwide.”
SunPower will join the likes of European companies Tenesol and Photovoltech to strengthen Total’s solar energy business. SunPower will serve as the centerpiece to Total's solar business since the company’s technology boasts 20 percent sun-to-energy efficiency over the 15 percent efficiency of most competitors.