SunPower to acquire SolarWorld Americas
U.S. based solar energy company SunPower announced on April 18 an agreement to acquire 100 percent of the Hillsboro, Oregon-based SolarWorld Americas, the largest U.S. crystalline-silicon solar manufacturer. SunPower plans to inject fresh capital into the SolarWorld Americas facility and implement leading-edge, high-efficiency P-Series solar panel manufacturing technology.
Our CEO Tom Werner: “The time is right for SunPower to invest in U.S. manufacturing.” https://t.co/5SeMgEmDw5 #SWA #SPWR @SolarWorldUSA pic.twitter.com/Yxo1VtiwHg
— SunPower (@SunPower) April 18, 2018
Tom Werner, SunPower CEO and chairman of the board said:
“We are thrilled to announce this agreement to acquire SolarWorld Americas, one of the most respected manufacturers of high-quality solar panels for more than 40 years. The time is right for SunPower to invest in U.S. manufacturing, and SolarWorld Americas provides a great platform for us to implement our advanced P-Series solar panel manufacturing technology right here in our home market. P-Series technology was invented and perfected in Silicon Valley, and will now be built in SolarWorld Americas’ factory, helping to reshape solar manufacturing in America.”
We’re joining forces w/ @SunPower in a major win for the next phase of American solar panel manufacturing. Check out the latest announcement! https://t.co/KRO5SUcvY8 #AmericanSolar
— SolarWorld USA (@SolarWorldUSA) April 19, 2018
Jürgen Stein, CEO of SolarWorld Americas said:
“SunPower is the solar industry technology leader. We are delighted that SunPower has agreed to inject fresh capital and their industry leading P-Series technology into SolarWorld Americas operations here in Hillsboro. Our hundreds of long-time employees are excited to be part of this next chapter in SolarWorld Americas’ long history. We are thrilled about this acquisition as it means quite simply, that our company can look forward to redoubled strength as it continues to innovate and expand into the future. This outcome is ideal for SolarWorld Americas and its employees.”
SunPower plans to ramp SolarWorld Americas operations to capitalize on strong U.S. market demand. The company will invest in factory improvements and increased working capital, while retrofitting a portion of the facility to produce P-Series solar panels, in addition to continuing to produce and ship SolarWorld Americas’ legacy products.
Like SolarWorld Americas, SunPower has spent decades perfecting its technology and manufacturing processes, and this announcement marks the company’s return to U.S. manufacturing.
The agreement is subject to necessary U.S. and German regulatory approvals and other closing conditions. At closing, which is expected in the next several months, SunPower will become the largest U.S. solar panel manufacturer.
Source: Press Release by SunPower.
