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2w ago

SunPower to Acquire Sunder Energy in Cash-and-Stock Deal, Expanding to 45 States

Preserved ITC support for TPO systems underpins SunPower's push to turn Sunder's pipeline into near-term revenue.

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Overview

  • The transaction includes $40 million in cash plus 10 million SunPower shares and is slated to close this week pending stockholder approval.
  • SunPower projects a larger national footprint to 45 states, a doubled 1099 salesforce, more than 5,500 additional contracts a year, and a 14% higher average selling price per installation.
  • Sunder forecasts $74 million in 2025 sales on 46 MW of contracts, which SunPower says could translate into as much as $247 million in combined sales and EPC revenue, with sales contributions starting in Q4 2025 and EPC ramping in 2026.
  • Sunder’s order base is 93% third-party ownership, and SunPower cites an IRS clarification preserving the ITC for TPO-funded residential systems as a key support for the deal.
  • SunPower financed the acquisition through a private offering of convertible debentures managed by Cantor Fitzgerald, and leadership expects operating profits in Q3 and Q4 2025.