The Combination between SunPower and Tenesol Benefits Each Other

Published:2011/12/29 0:28:00 Author:Li xiao na From:SeekIC

Sunpower Corporation is a California-based solar cell manufacturer. It is specialized in designing and manufacturing high-efficiency crystalline silicon photovoltaic cells, roof tiles and solar panels. A definitive agreement has been signed by Sunpower to get French solar power firm Tenesol SA. SunPower will pay $165.4 million for this trade.

Tenesol is a subsidiary company of Total SA. Total SA is an oil company and one of the six "Supermajor" oil companies in the world. Concurrently with the closing of the acquisition; Total has agreed to purchase 18.6 million shares of SunPower common stock in a private placement at $8.80 per share. Total will have approximately 66% of SunPower’s common shares. Tenesol is major energy system supplier in the French market, and it manufacturers and installs solar energy systems for large industrial and commercial photovoltaic rooftop solutions.

More than 15,000 solar systems have been installed by Tenesol. Tenesol recorded revenue of EUR 240 million in 2010 for its significant footprint in Europe. The revenue is expected to increase to approximately EUR 200 million in 2011. Moreover, the combined company will have deployed more than 2,500 MW dc all over the world.

This combination helps Tenesol to have a step forward differentiating them in the competitive solar market. Tenesol also can benefit from the strong support of Total. Total also regards this combination as a step forward in its strategy to become a world player in the promising solar industry. There are other agreements signed by Total and SunPower. For example, Total will strengthen SunPower’s balance sheet and liquidity position; Total will invest on SunPower’s research and development.

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