Total Takeover of SunPower

By Admin
Share
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...

 

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.

SunPower is the biggest panel maker and solar systems provider in the United States, but Total has a grander vision for the company to become the leading solar panel provider internationally. 

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. 

 

SEE OTHER TOP STORIES IN THE WDM CONTENT NETWORK

Solar for all new buildings in Japan

Largest Zero Net Energy Project at UC Davis

Pearl Harbor Gets Solar Makeover

“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. 

Share

Featured Articles

Aggreko: CEOs Adjust Net Zero Strategies Amid Challenges

European CEOs modify investment timelines and strategies to align with net zero ambitions, navigating through economic and energy hurdles, Aggreko says

Schneider Electric Welcomes Olivier Blum as New CEO

One of the world's most sustainable companies, Schneider Electric appoints Olivier Blum as CEO to drive its next phase in sustainable energy management

How Extreme H is Changing Hydrogen Fuel Perceptions

Extreme H’s car is the first hydrogen-powered racing car to pass FIA crash testing ahead of the series’ launch in 2025, bringing new eyes to hydrogen fuel

Google Boosts Data Centre Power with Nuclear Energy

Technology & AI

Is Burning Rubbish for Electricity a ‘Disaster for Climate’?

Sustainability

SAVE THE DATE — Sustainability LIVE: Net Zero 2025

Sustainability