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SunPower in Advanced Talks on Sale of Commercial Business


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(Bloomberg) SunPower Corp. is in advanced discussions to sell its commercial- and industrial-solutions business as it pivots toward expanding its residential and light-commercial operations.

The solar and power-storage company said earlier this year that it was exploring strategic options for its CIS business so the unit could better focus on community solar and front-of-meter storage. The company is seeking to finalize discussions as early as the first quarter of 2022, according to a news release Tuesday morning.

Jeffrey Osborne, an analyst at Cowen & Co., estimated the unit could sell for between $100 million and $200 million.

Raymond James & Associates analyst Pavel Molchanov estimated the unit could fetch $200 million and said potential buyers could include solar developers that focus on commercial systems — including Altus Power, Nautilus Solar Energy and Strata Clean Energy — or global clean-energy giants such as Electricite de France and Engie SA.

“It will not be difficult to find a buyer,” Molchanov said.

SunPower shares fell 2% at 11:35 a.m. in New York.



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