Total to buy up to 60% of SunPower for $1.38bn

French oil giant Total is buying up to 60% of US solar manufacturer and project developer SunPower for $1.38bn, and will extend the US PV manufacturer a $1bn credit facility.

The deal, which the companies position as a “broad strategic relationship”, would represent among the largest plays yet by an oil supermajor in solar and could be a boon to other PV companies. It follows closely on General Electric’s $600m bet on solar, announced earlier this month.

Philippe Boisseau, president of the Total Gas and Power Division, says the world is undergoing a “long-term transition in which renewable energies will take their place alongside conventional resources... Today, Total is executing on its strategy to become a major integrated player in…

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