French energy company, Total, is planning to purchase a 60% stake in U.S. solar company, SunPower, The Wall Street Journal reports. Total, which focuses on the exploration and production of oil and natural gas, has offered to pay about $1.37 billion for the stake. As part of the deal, Total will provide California-based SunPower with up to $1 billion of credit support over the next five years. Total, which will appoint six new members for to SunPower’s board, may lower its cost of capital and increase its access to uncollateralized debt financing through the deal.
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