Skip to comments.French oil giant Total to buy majority stake in San Jose-based SunPower
Posted on 04/28/2011 9:18:41 PM PDT by NormsRevenge
In a powerful signal that traditional energy companies are banking on solar power as part of their future, French oil giant Total plans to buy a controlling stake in San Jose-based SunPower (SPWRA), Silicon Valley's dominant solar panel manufacturer.
Under the deal, jointly announced by the two companies Thursday as "a broad strategic relationship to shape the future of the solar industry," Total will buy a 60 percent stake in SunPower for $1.38 billion, paying a more than 40 percent premium over SunPower's stock price Wednesday.
"This is old energy betting on new energy," SunPower CEO Tom Werner told this newspaper. "This is a bet for the future."
Werner said he and other SunPower executives will remain in their jobs. "Part of what they bought is people, and that starts with me and the rest of the team," he added, saying SunPower is proceeding with plans to move into a larger San Jose headquarters.
News of the deal stunned one Wall Street analyst, who said the investment signals that traditional energy companies are increasingly eager to boost their renewable energy portfolios.
"I just fell out of my chair," said Theo O'Neill of Wunderlich Securities. "It sounds like SunPower is going to be the solar division of Total. Oil companies are getting into the solar business through acquisitions."
"It's a great deal for SunPower," said Ramesh Misra of Brigantine Advisors. "If you have a wealthy parent willing to adopt you, it's an ideal situation for almost any solar company."
(Excerpt) Read more at mercurynews.com ...
wanna bet how much SunPower aRnie had in his “blind trust”?
It is a signal of overweening
governmental power when oil companies
are forced to buy losing “alternatives”
firms to stay in our rulers’ good graces.
Two words: tax credits
Wager placed to collect more US taxpayer subsidies than it costs to continue to maintain operations in the United States.
Expect the French to cut costs to the bone as soon as politically expedient, which means moving out of California if California won’t increase subsidies to exceed the relative cost of business in the state.
With Total’s FOUR SOLID DECADES OF ABSOLUTE CORRUPTION OF THE POLITICAL, JUDICIAL, ECONOMIC, FOREIGN AND MILITARY AFFAIRS OF FRANCE, CANADA, and FRANCOPHONE AFRICA, ITS OBSCENE THEY ARE ALLOWED TO INVEST IN ANYTHING SUBSIDIZED BY US TAXPAYERS.
Welcome to the new world order, where stealing foreign taxpayers’ funds to produce a green front company will excuse mass murder across Africa and the billions of Francs of corruption amongst the current leadership and board of directors of TotalFinaElf.
Immelt must be fuming he couldn’t get his hands on another cheap source of American taxpayers subsidies.
This is called fascism. Govt-Corp incest.
Good Deal! I bought 600 shares of Cypress Semiconductor back in the day (Sun Powers former parent) and now I have 600 Shares of Sun Power Class B stock and it’s up 36%!! Wohoo!!
Lunch is on you! It’s a TJ Rodgers venture.. He’s a Silicon Valley Survivor.