Majority Total Owned SunPower Completes Maxeon Solar Technologies Split

SunPower, majority-owned by Total, has successfully completed the strategic transaction, announced last Nov, to create two independent public companies

SunPower, majority-owned by Total since 2011, has announced that it has successfully completed the strategic transaction, announced last November, to create two independent public companies:

• SunPower, the leading North American distributed generation company,
• and Maxeon Solar Technologies, a leading global manufacturer of premium solar panels. Concurrently, Tianjin Zhonghuan Semiconductor Co., Ltd. (TZS), a long-term partner of SunPower, is taking a minority share of Maxeon Solar Technologies through a 298 MUSD equity investment.

Total has stated that it fully supports this strategic move which will allow SunPower to focus on developing its positions in the North American distributed generation and storage market. Total remains majority shareholder of SunPower with a shareholding of 51.7 percent.

The French major also welcomed the investment of TZS in Maxeon Solar Technologies which will consolidate the growth of its industry-leading solar panel technology to a high-volume scale. This investment will indeed facilitate the scale‐up of Maxeon 5 premium solar panels production capacity. Total with a shareholding of 34.6 percent is the main shareholder of the newly created company Maxeon Solar Technologies, alongside with the new shareholder TZS who owns 28.848 percent.

Commenting on the transaction, Patrick Pouyanné, Chairman and CEO of Total, said that “throughout our decade-long cooperation, SunPower has always demonstrated a remarkable innovation spirit and agility. Today’s strategic milestone will ensure business sustainability and enhance the performance of both activities. The creation of two separate public companies initiated by Total as the majority shareholder of SunPower will enable them to fully leverage their strengths on focused businesses: distributed generation marketing on the US market on one side and solar panels manufacturing on the other side. I want to offer my congratulations on the successful transaction and express my support to the teams whose remarkable efforts allowed us to make this operation a success in these challenging times. “

The French major further stated that Solar is key to its commitment to developing low carbon electricity and Total maintains a strong ambition to grow on the US solar market, one of the largest in the world, together with Sunpower. The Group continues to grow its renewables businesses worldwide to become a leading international player, in line with Total’s new Climate Ambition to Get to Net Zero by 2050.