SunPower to buy Total’s solar energy unit for $165 mln

Tenesol, a wholly-owned subsidiary of Total SA (TOT: News ,TTFNF.PK: News ,TTA.L: News ), has operations in 18 countries and solar panel manufacturing facilities in France and South Africa.

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, a 50 percent premium to SunPower’s December 22, 2011 closing price.

SunPower expects the acquisition to positively affect its financial position in 2012. After the sale of Tenesol, Total will own approximately 66 percent of SunPower’s common shares.

Tenesol recorded revenue of EUR 240 million in 2010 and expects to record revenue of approximately EUR 200 million in 2011. Post acquisition, the combined company will have deployed more than 2,500 MW dc globally.