SunPower first announced plans to spin off the division in October.
The $250 million deal includes $190 million cash up front, plus another $60 million to be paid if an extension to the solar investment tax credit is passed, a company spokesperson said. The acquisition is expected to close in the second quarter.The move comes after SunPower announced aaimed at doubling down on the residential solar market, which the company said is larger, more profitable, and growing faster.
France-based TotalEnergies said the deal allows it to expand its renewable energy footprint in the U.S. In November Faricy again said that the business had attracted buyers, and said the company would provide an update on a potential buyer by the end of the December quarter.following the company's third-quarter earnings, "despite the fact that it's had a couple of challenging quarters, mostly due to project slips tied to all the same supply chain and labor issues."
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