Total, a large shareholder in SunPower is raising its stake in the U.S.-based solar company. Total will be acquiring 676,000 shares worth about $31 million, according to an SEC filing.
Total now holds about 82 million shares of SunPower.
As pv magazine has reported, SunPower is separating its international solar cell and module manufacturing arm from its other downstream activities in order to maximize the value of each and attract focused investors.
Last year, Total’s CEO Patrick Pouyanne said that the oil and gas giant expected to continue to hold shares of Maxeon and SunPower, according to reports.
SunPower just announced its financials with a profitable quarter and year although it guided for a negative announcement in Q1 of 2020.