SunPower buying Tenesol for $165 million
SunPower has agreed to acquire French solar company Tenesol from Total S.A. for $165 million.
SunPower Corp. agreed to buy Tenesol S.A., a French solar company, from Total S.A. for $165.4 million. But Total will pay SunPower back by buying its stock.
Total (NYSE: TOT), a French oil giant, already owns 60 percent of San Jose-based SunPower (NASDAQ: SPWR). And along with this sale, Total agreed to buy 18.6 million shares of SunPower for $8.80 each.
After that purchase, Total will own about 66 percent of SunPower’s stock.
Tenesol, based in Tour de Salvagny, does business in 18 countries. It has factories making solar panels in France and in South Africa.
Tom Werner is CEO of SunPower. The company has a large operation in the refurbished Ford Point factory building in Richmond, Calif., and its Northwest sales headquarters are in Portland.
SunPower is partnering with Ford to offer solar panels to purchasers of the new Ford Focus Electric.
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