SunPower Corp. said it will double down on its residential business and will weigh options for its Commercial & Industrial Solutions business, including new ownership.
As part of its focus on residential, the company acquired residential solar provider Blue Raven Solar for up to $165 million in cash. The move is intended to help SunPower expand in the Northwest and Mid-Atlantic regions.
Under terms of the deal, Blue Raven CEO Ben Peterson will join SunPower’s executive team, and the company expects to build on Blue Raven’s current employee and contractor relationships.
Blue Raven was founded in 2014 and, according to a statement, has achieved 93% revenue compound annual growth rate (CAGR) with a direct-to-consumer sales and installation model. Blue Raven currently books more than 90% of its volume in 14 states. Those states account for around 5% of SunPower’s sales. SunPower said this creates “a significant net-new geographic coverage opportunity.”
SunPower said it plans to combine its products and digital marketing tools with Blue Raven’s direct sales model to accelerate its growth strategy. In addition, SunPower said it expects that Blue Raven’s volume will help expand its financial products and “significantly” increase its 2022 loan volume.
The acquisition highlights SunPower’s focus on growing its residential and light commercial business. It said it is exploring options for its Commercial & Industrial Solutions business including new ownership.
It said the realignment would optimize capital deployment for residential and light commercial and enable Commercial & Industrial Solutions “to better take advantage” of community solar, front-of-meter storage, and “infrastructure legislation tailwinds.”
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