Distributed generation storage and energy services provider SunPower has acquired residential solar provider Blue Raven Solar. The acquisition was made for a cash consideration of up to $165 million. The acquisition will allow SunPower to serve more customers in underpenetrated areas, including the Northwest and Mid-Atlantic regions.
“More than 100 million homeowners could save money by switching to solar today, and we are committed to enabling that transition quickly to benefit both customers and the planet,” said Peter Faricy, CEO, SunPower. “SunPower and Blue Raven share a vision of powering the world with affordable, resilient, sustainable energy. This acquisition will enable us to bring the most powerful and efficient solar technology available to a new set of homeowners and accelerate our growth strategy.”
Blue Raven CEO Ben Peterson will join SunPower’s executive team. SunPower expects to build upon Blue Raven’s current employee and contractor relationships.
“We’ve always been focused on making it easy for customers to get access to high-quality renewable energy. SunPower offers the most advanced solar solutions and shares our passion for delivering an incredible customer experience,” said Peterson. “Together, we will provide even more compelling reasons for homeowners to make the switch to clean, renewable energy. This is a clear win for our organizations and for homeowners everywhere we operate.”
Blue Raven was founded in 2014 and claimed to have achieved a 93% revenue compound annual growth rate with a direct-to-consumer sales and installation model. Blue Raven maintains it currently books more than 90% of its volume in 14 states. Those states account for around 5% of SunPower’s sales, creating a significant net-new geographic coverage opportunity.
SunPower said it expects that Blue Raven’s volume will help expand its financial products and increase its 2022 loan volume.
SunPower is focusing on growing its residential and light commercial business. The company is also exploring options for its commercial and industrial solutions business, including new ownership. The realignment would optimize capital deployment for residential and light commercial and enable commercial & industrial solutions to better take advantage of community solar, front-of-meter storage, and infrastructure legislation tailwinds.
In Q1 2021, SunPower posted a generally accepted accounting (GAAP) revenue of $306.4 million, a 10.4% drop from the previous quarter.
In May last year, the company announced a strategic partnership of $1 billion (~₹74.97 billion) with Technology Credit Union, one of the leading credit unions in California. The partnership is expected to increase financing options for U.S. residential solar customers and give SunPower much-needed access to capital for its loan program.
Arjun Joshi is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. More articles from Arjun Joshi.