With acquisition of Sunder Energy, SPWR moves to No. 5 in the U.S.
SunPower, an Orem-based solar technology, services and installation company, has acquired Sunder Energy, based in South Jordan.
SunPower, formerly known as Complete Solaria Inc., said that Sunder is the No. 11 U.S. solar company measured by installed megawatts as reported by Ohm Analytics and that together, the companies will become the fifth-largest in
the country.
The transaction closed late last month. The cost of the acquisition was $40 million in cash plus 10 million shares of SunPower common stock. Funding for the deal was raised in a private offering of convertible debentures managed by global investment firm Cantor Fitzgerald and funded largely by the current investors.
Sunder Energy is forecasting 2025 revenue of about $74 million on 46 megawatts of solar sales contracts installed by its customers in the engineering, procurement and construction business. Those companies in turn are expected to generate about another $173 million in downstream revenue. SunPower said it believes that Sunder could generate as much as $247 million in total revenue for SunPower, as compared to SunPower’s estimated 2025 total revenue of about $300 million.
“We have been working on Sunder as our top acquisition priority for exactly six months and seven days, ever since I met with their president, Eric Nielsen, in Mexico on my birthday to get to know him and Sunder better,” said SunPower CEO T.J. Rodgers. “The recent IRS announcement that the ITC subsidy would remain in place for residential systems funded by third-party ownership means that Sunder is currently expected to continue business as usual.”
“Our track record of driving high-volume, high-quality solar sales broadly across the United States pairs well with SunPower’s premium brand and proven leadership team,” said Nielsen. “We believe this marriage will put the company in a leadership position in a rapidly changing industry, and we couldn’t be more excited about our future in the combined company.”