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Total (TTE. US) will acquire SunPower (SPWR. US) commercial and industrial businesses are valued at $250 million

author:Zhitong Finance

Zhitong Finance APP learned that France's Total (TTE. US) said Thursday that it agreed to buy U.S. solar company SunPower (SPWR. US) Business and Industrial Solutions Business (CIS).

The group said the deal will allow Total to expand its distributed generation business to the U.S. and develop more than 100 megawatts of additional capacity annually.

The company added that it does not expect Total's majority stake in SunPower to be reduced by the latest deal, which could close early in the second quarter.

Last December, SunPower said it was in deep talks about the possible sale of its CIS business.

Vincent Stoquart, Senior Vice President of Renewable Energy at Total Energy, said: "With this acquisition, Total Energy will further invest in developing its distributed generation activities in the United States and supporting its B2B customers in achieving their sustainability goals." The company aims to achieve 4 gigawatts of solar power generation in the United States by 2025.

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