SunPower Acquires Blue Raven Solar For $165M; Seeks Options For CIS Business

Benzinga2021-10-05
  • SunPower Corp acquired U.S. residential solar provider Blue Raven Solar for cash consideration of up to $165 million.
  • Blue Raven will help SunPower quickly expand the solar market to serve more customers in underpenetrated areas, including the Northwest and Mid-Atlantic regions.
  • SunPower plans to combine its products and digital marketing tools with Blue Raven's direct sales model to accelerate the go-to-market strategy.
  • Additionally, SunPower expects Blue Raven's volume to help expand its suite of financial products and increase 2022 loan volume significantly.
  • Blue Raven CEO Ben Peterson will join SunPower's executive team.
  • In addition, SunPower is exploring strategic options for the Commercial & Industrial Solutions (CIS) business, including new ownership.
  • The company plans to focus its efforts and investments on its Residential and Light Commercial business.
  • SunPower held $519.1 million in cash and equivalents as of July 4.
  • Price Action: SPWR shares traded higher by 2.90% at $23.76 in the premarket session on the last check Tuesday.
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