SunPower Completes Tenesol Purchase #SPWRA 0

SunPower Corp. has completed its acquisition of Tenesol SA, a subsidiary of Total SA, for $165.4 million.

This deal represents another step forward in the integration of SunPower into Total’s business structure — in June, 2011, Total purchased a majority stake in SunPower (60%) for $1.4 billion.  Alongside SunPower’s purchase of Tenesol, Total bought 18.6 million shares of SunPower common stock at $8.80 per share; the company now owns 66% of SunPower’s common stock.

Based out of France, Tenesol has completed over 15,000 solar installations globally, totalling more than 500-megawatts.  In 2011, the company expects to have generated EUR 200 million in revenue.  Adding an established European solar power company into its portfolio increases SunPower’s global reach.  With the addition of Tenesol, SunPower has now installed 2,500 MW of solar power worldwide.

Commenting on the transaction, Tom Werner, SunPower’s president and CEO, said, “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.”

At end of day trading, SunPower’s stock (Nasdaq:SPWR) was down 6.42%, trading at $6.85 per share; meanwhile, Total’s stock (NYSE:TOT) was up 0.63%, trading at $52.97 per share.

Original Article on Energy Boom

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