France's Total acquires 60% of US SunPower in $1.3bn deal

15 June 2011 17:25  [Source: ICIS news]

HOUSTON (ICIS)--Total has succeeded in a $1.3bn (€90m) cash tender to secure a 60% stake in US solar panels firm SunPower, the French energy and petrochemicals major said on Wednesday.

In April, Total and SunPower announced plans for a strategic partnership under which Total would acquire a 60% stake in SunPower and provide up to $1bn in credit to the US firm.

Total said SunPower will be the centrepiece of its solar activities.

The long-term viability of solar energy requires globally-integrated firms that are financially strong and committed to advancing the technology, Total said.

Total’s move marks one of the biggest such deals in the fast-growing solar market by an energy and petrochemicals firm so far.

Earlier this year, Total agreed to acquire most of the operations of its Tenesol photovoltaic business with French electricity giant EDF.

Total holds stakes in a number of solar firms, including Photovoltech, a Belgian producer of crystalline silicon photovoltaic solar cells; Konarka, a US-based developer of organic solar technologies; and AE Polysilicon, a US firm specialised in a solar polysilicon production technologies.

Last year, Total won a contract to build and operate a concentrated solar power (CSP) plant in Abu Dhabi in a venture with Spain’s Abengoa Solar.

($1 = €0.69)

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By: Stefan Baumgarten
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