SunPower is buying residential photo voltaic competitor Sunder Energy, based mostly in South Jordan, Utah. The transaction is scheduled to shut this week.
Sunder Power is anticipated to finish 2025 with 46 MW of photo voltaic gross sales contracts. The price of the acquisition is $40 million in money, plus 10 million shares of widespread inventory, topic to SunPower stockholder approval.
“We’ve been engaged on Sunder as our high acquisition precedence for precisely six months and 7 days, ever since I met with their president, Eric Nielsen, in Mexico on my birthday to get to know him and Sunder higher,” stated T.J. Rodgers, CEO of Sunpower. “The latest IRS announcement that the ITC subsidy would stay in place for residential methods funded by third social gathering possession (TPO) signifies that Sunder, whose order base is 93% TPO, is at the moment anticipated to proceed enterprise as regular. SunPower will assist Sunder seize a part of its personal EPC downstream income. Conversely, SunPower will profit from the brand new Sunder TPO-based orders that can grow to be a brand new engine of progress. It’s a win-win deal.”
“Regardless of the SEIA business forecast that the U.S. residential photo voltaic business will set up 9 GW (about $27 billion) in 2025 and 2026 mixed, the business is now consolidating, giving publicly traded corporations like [SunPower] a possibility to hitch with main non-public gross sales corporations like Sunder — to not money the founders out, however to create larger and extra sturdy corporations for each companions,” Sunder’s Rodgers stated. “The merger will double the variety of states we promote in from 22 to 45.”
Firm administration will host a call Monday at 11 a.m. PDT/2 p.m. EDT to debate the merger.
Information merchandise from SunPower
Trending Merchandise
