Friday, April 29, 2011

Total to tender for majority stake in SunPower

French energy company Total SA offered to pay up to $1.37 billion for a majority stake in U.S. solar company SunPower Corp, one of the biggest moves ever by an oil and gas giant into the market for renewable energy.

Solar power has been one of the fastest growing energy industries in recent years, but still remains tiny compared with oil, gas and coal because of its higher cost. With Total's financial heft behind it, SunPower said solar energy would become competitive with fossil fuels more quickly.

Read more at Reuters
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