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SunPower closes Tenesol acquisition

SunPower Corp has completed the acquisition of Total SA's subsidiary Tenesol SA for US$165.4 million in cash.

By Kari Williamson

As part of the deal, Total has also purchased 18.6 million shares of SunPower's common stock in a private placement at US$8.80 per share, meaning Total now owns approximately 66% 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," says 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."

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Photovoltaics (PV)  •  Policy, investment and markets