SunPower buys US solar system supplier for $ 165 million – pv magazine international
From pv USA magazine
SunPower Corp. said it would double its residential business and assess options for its commercial and industrial solutions business, including a new owner.
As part of its residential focus, the company acquired residential solar power supplier Blue Raven Solar for up to $ 165 million in cash. The move is intended to help SunPower grow in the Northwest and Mid Atlantic regions.
Under the terms of the deal, Blue Raven CEO Ben Peterson will join SunPower’s management team, and the company hopes to build on existing relationships with Blue Raven employees and contractors.
Blue Raven was founded in 2014 and, according to a statement, achieved a 93% compound annual growth rate (CAGR) in revenue with a direct-to-consumer sales and installation model. Blue Raven currently delivers over 90% of its volume to 14 states. These states represent approximately 5% of SunPower’s sales. SunPower said this creates “a significant opportunity for net geographic coverage.”
SunPower has announced plans to combine its digital marketing products and tools with Blue Raven’s direct sales model to accelerate its growth strategy. Additionally, SunPower said it expects Blue Raven’s volume to help expand its financial products and “significantly” increase its lending volume in 2022.
The acquisition underscores SunPower’s focus on growing its residential and light commercial businesses. He said he was exploring options for his business and industrial solutions business, including new ownership.
He said the realignment would optimize the deployment of capital for the residential and light commercial sectors and allow commercial and industrial solutions to “better take advantage” of community solar power, front-end storage of meters and “tailwinds of the city”. infrastructure legislation ”.
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