SunPower Declares Acquisition of Tenesol in France

SunPower, a producer of high-efficiency solar systems, solar cells and solar panels and based in Silicon Valley, announced that it has signed a definitive agreement with Tenesol for taking over their operations.

Once the agreement comes into effect, Tenesol will be owned by SunPower, the acquisition was worth $165.4 million in cash . The agreement has been approved by an independent committee of SunPower’s board of directors subsequent to the traditional closing conditions are satisfied.

Tenesol is into the designing, engineering, manufacturing and installation of solar energy systems since 1983. It is one of the leading solar energy operator in Europe and a leader in providing industrial and commercial photovoltaic rooftops in the French market. The solar systems installed by the company supplies around 500 MW of solar power in Europe. They have a strong manufacturing base and provide highly advanced technology in their products. Total and SunPower have also entered into fresh agreements for strengthening SunPower’s financial status and liquidity. SunPower is currently engaged in the development of a full-scale, commercial concentrator solar power plant, SunPower C7 Tracker and in buying products worth 10 MW of solar power. They are also involved in the manufacture of high-efficiency solar panels and solar systems.