Total-owned SunPower has successfully split its operations to create two independent public companies.
Following the move, its North American distributed energy generation company will continue to trade under the SunPower name.
Its global solar panel manufacturing business will be known as Maxeon Solar Technologies.
Total said the change would allow SunPower to focus on developing its positions in the North American distributed generation and storage market.
It remains majority shareholder of SunPower with a shareholding of 51.7%.
Concurrently, Tianjin Zhonghuan Semiconductor Co (TZS), a long-term partner of SunPower, is taking a minority share of Maxeon Solar Technologies through a €221m equity investment.
Total said this would consolidate the growth of its solar panel technology to a high-volume scale by facilitating the scale‐up of Maxeon 5 premium solar panels production capacity.
Total with a shareholding of 34.6% is the main shareholder of Maxeon, alongside with the new shareholder TZS who owns 28.848%.
Chairman and CEO of Total Patrick Pouyanné said: “Throughout our decade-long cooperation, SunPower has always demonstrated a remarkable innovation spirit and agility.
“Today’s strategic milestone will ensure the business sustainability and enhance performance of both activities.
“The creation of two separate public companies initiated by Total as the majority shareholder of SunPower will enable them to fully leverage their strengths on focused businesses : distributed generation marketing on the US market on one side and solar panels manufacturing on the other side.
“I want to offer my congratulations on the successful transaction and express my support to the teams whose remarkable efforts allowed us to make this operation a success in these challenging times.”
Total added it maintains a strong ambition to grow on the US solar market, one of the largest in the world, together with Sunpower.
The group continues to grow its renewables businesses worldwide to become a leading international player, in line with Total’s new Climate Ambition to Get to Net Zero by 2050.