REG-TotalEnergies SE United States: TotalEnergies to Acquire SunPower’s Commercial & Industrial Solar Business

TotalEnergies SEAnnouncement

10/02/2022 08:15

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United States: TotalEnergies to Acquire SunPower’s Commercial &
Industrial Solar Business

Enabling TotalEnergies to expand reach in the U.S. B2B solar distributed
generation; SunPower to focus and accelerate growth in residential solar
services

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) today announced it has signed a
definitive agreement with SunPower Corp.’s (NASDAQ:SPWR) to purchase its
Commercial & Industrial Solutions (CIS) business for $250 million,
including $60 million of earn-out subject to regulatory evolution.
TotalEnergies is the majority shareholder of SunPower, a leading solar
technology and energy services provider.

This acquisition is another step in TotalEnergies’ roadmap to develop its
distributed generation business, currently accounting to close to 500 MW in
operation worldwide. It will allow TotalEnergies to extend its distributed
generation business footprint to the U.S. and to develop over 100 MW of
additional capacity per year. Beyond, this activity will also create synergies
with TotalEnergies' large-scale solar energy portfolio in the U.S and enable
B2B customers to benefit from more comprehensive energy solutions and new
capabilities in financing and project ownership.

As for SunPower, this operation follows a previous announcement it would focus
on its high-growth residential business, offering a superior customer
experience with a growing ecosystem of innovative products and services, hence
exploring strategic options for the CIS business.

All in all, this win-win operation fully fits TotalEnergies and SunPower’s
respective strategies to better serve industrial, commercial and residential
customers.

“With this acquisition, TotalEnergies is further investing to grow its
distributed generation activity in the U.S. and support its B2B customers in
meeting their sustainable development goals. It is a new milestone in our
renewable development in the country, where we are targeting 4 gigawatts of
solar capacity by 2025,” said Vincent Stoquart, senior vice president
Renewables for TotalEnergies. “This will also give SunPower additional
resources to focus on the growing residential market. We look forward to
welcoming the Commercial & Industrial teams and ensuring the continuity of
TotalEnergies’ commitment in this business as we integrate this high-quality
portfolio of products and customers.”

“TotalEnergies is the ideal partner for our CIS business to take advantage
of the growing commercial market and opportunities like community solar and
front-of-meter storage,” said Peter Faricy, CEO of SunPower. “The sale
enables SunPower to focus on creating a superior residential experience,
increase our investment in product and digital innovation, and reach more
homeowners. The enhanced strategic clarity created by this transaction will
help SunPower lead the industry and deliver maximum value to our investors,
partners and customers.”

Following a thorough process involving discussions with a number of parties,
and upon the unanimous recommendation of a special committee of SunPower’s
independent directors, the acquisition has been approved by both companies.
The transaction is expected to close early Q2 subject to the satisfaction of
customary closing conditions. This operation is not expected to reduce
TotalEnergies’ majority ownership stake (50.83%) in SunPower.

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets
energies: oil and biofuels, natural gas and green gases, renewables and
electricity. Our 105,000 employees are committed to energy that is ever more
affordable, cleaner, more reliable and accessible to as many people as
possible. Active in more than 130 countries, TotalEnergies puts sustainable
development in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.

TotalEnergies in the U.S.

Operating in the United States since 1957, TotalEnergies is focused on
identifying opportunities in the evolving U.S. energy market to meet growing
energy needs while reducing carbon emissions. The Company is developing a
number of solar and energy storage projects in the U.S., targeting 4 gigawatts
in cumulative capacity by 2025. It is also positioning itself in the
high-potential U.S. offshore wind market. It has qualified to participate in
the upcoming New York Bight offshore wind energy auction and launched a joint
venture to explore floating offshore wind opportunities off the West Coast.

TotalEnergies and renewables electricity

As part of its ambition to get to net zero by 2050, TotalEnergies is building
a portfolio of activities in renewables and electricity. At the end of
September 2021, TotalEnergies' gross renewable electricity generation capacity
is 10 GW. TotalEnergies will continue to expand this business to reach 35 GW
of gross production capacity from renewable sources and storage by 2025, and
then 100 GW by 2030 with the objective of being among the world's top 5
producers of electricity from wind and solar energy.

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About SunPower

Headquartered in California's Silicon Valley, SunPower (NASDAQ:SPWR) is a
leading Distributed Generation Storage and Energy Services provider in North
America. SunPower offers the only solar + storage solution designed and
warranted by one company that gives customers control over electricity
consumption and resiliency during power outages while providing cost savings
to homeowners, businesses, governments, schools and utilities. For more
information, visit www.sunpower.com
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.

TotalEnergies Contacts

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPR 
(https://twitter.com/TotalEnergiesPR) 
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
(mailto:ir@totalenergies.com)

SunPower Contacts

Media Relations: Sanah Sadaruddin, sanah.sadaruddin@sunpower.com
(mailto:sanah.sadaruddin@sunpower.com) , 832-630-3707

Investor Relations: Mike Weinstein, Mike.Weinstein@sunpower.com
(mailto:Mike.Weinstein@sunpower.com) , 510-260-8585

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding the anticipated sale of the CIS business to
TotalEnergies, expected growth, market positioning, and future areas of focus.
These forward-looking statements are based on our current assumptions,
expectations and beliefs and involve substantial risks and uncertainties that
may cause results, performance or achievement to materially differ from those
expressed or implied by these forward-looking statements. Factors that could
cause or contribute to such differences include, but are not limited to the
occurrence of any event, change or other circumstances that could give rise to
the termination of the definitive agreements entered into for the sale of the
CIS business; unfavorable reactions to the contemplated sale of the CIS
business from customers, competitors, suppliers and employees; changes in the
policy environment and the availability of economic incentives for our
products; challenges in executing transactions key to our strategic plans; and
potential disruptions to our operations that may result from epidemics or
natural disasters, including impacts of the Covid-19 pandemic. A detailed
discussion of these factors and other risks that affect our business is
included in filings we make with the Securities and Exchange Commission (SEC)
from time to time, including our most recent reports on Form 10-K and Form
10-Q, particularly under the heading "Risk Factors." Copies of these filings
are available online from the SEC or on the SEC Filings section of our
Investor Relations website at investors.sunpower.com. All forward-looking
statements in this press release are based on information currently available
to us, and we assume no obligation to update these forward-looking statements
in light of new information or future events.

Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in
this document are used to designate TotalEnergies SE and the consolidated
entities that are directly or indirectly controlled by TotalEnergies SE.
Likewise, the words “we”, “us” and “our” may also be used to refer
to these entities or to their employees. The entities in which TotalEnergies
SE directly or indirectly owns a shareholding are separate legal entities.
This document may contain forward-looking information and statements that are
based on a number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither TotalEnergies SE
nor any of its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends contained in
this document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the most
recent Registration Document, the French-language version of which is filed by
TotalEnergies SE with the French securities regulator Autorité des Marchés
Financiers (AMF), and in the Form 20-F filed with the United States Securities
and Exchange Commission (SEC).



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