Tanning acquires residential solar competition Sunder EnergyLocated in South Jordan, Utah. The transaction is planned to close this week.
Sunder Energy is expected to end 2025 with 46 MW of solar sales contracts. The costs of the acquisition are $ 40 million in cash, plus 10 million ordinary shares, depending on the approval of the Sunpower shareholders.
“We have been working on Sunder for exactly six months and seven days as our top acquisition priority, since I met their president, Eric Nielsen, in Mexico on my birthday to get to know him and Sunder better,” said Tj Rodgers, CEO of Sunpower. “The recent IRS announcement that the ITC subsidy would remain in force for residential systems that are financed by ownership of third parties (TPO), that Sunder, whose order base is 93% TPO, is expected to be expected by staying as usual. Sunpower will help.
“Despite the SEIA industry that the American residential solar industry will install 9 GW (about $ 27 billion) in 2025 and 2026, the industry is now consolidated and gives listed companies such as [SunPower] An opportunity to become a member of the leading private sales companies such as Sunder – not to cash in the founders, but to create larger and more sustainable companies for both partners, “said Sunder’s Rodgers.” The merger will double the number of states in which we sell from 22 to 45. “
Business management will Host a phone call Monday at 11 am PDT/2:00 PM Edt to discuss the merger.
News item from Sunpower
