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Total’s SunPower completes spin-off of Maxeon Solar Technologies

Aug 31, 2020
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SunPower, majority owned by Total since 2011, 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 US$298 million equity investment.

Total 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 per cent.

Total also welcomes 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 per cent is the main shareholder of the newly created company Maxeon Solar Technologies, alongside with the new shareholder TZS who owns 28.848 per cent.

Commenting on the transaction, Patrick Pouyanné, Chairman and CEO of Total, said: “Throughout our decade-long cooperation, SunPower has always demonstrated a remarkable innovation spirit and agility. Today’s strategic milestone will ensure the business sustainability and enhance 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. “

In a statement, Total said that solar is key to its commitment to develop low carbon electricity and Total maintains a strong ambition to grow on the U.S. 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.