SunPower completes acquisition of Sunder Energy to become No. 5 solar installer

OREM, Utah - SunPower (NASDAQ:SPWR) announced Friday it has completed its acquisition of Sunder Energy, a residential solar sales company, positioning the combined entity as the fifth-largest residential solar installer in the United States by installed megawatts, according to data from Ohm Analytics. The company, currently trading at $1.63 per share, has seen its stock decline over 43% in the past year, though InvestingPro analysis suggests potential improvement with analysts forecasting profitability this year.

The acquisition brings Sunder’s 893-person independent sales force under SunPower’s umbrella, significantly expanding the company’s sales capabilities. SunPower’s total sales representatives will increase from 841 to 1,734, according to the company. With revenue growth of over 308% in the last twelve months and a healthy gross profit margin of 40.65%, the company appears positioned for expansion.

"This acquisition will immediately raise our revenue to its pre-ITC levels and then on to a new record," said SunPower CEO T.J. Rodgers in a statement. The company expects the acquisition to generate record operating income in the fourth quarter of 2025.

The transaction, which took six months to negotiate but less than a week to close, integrates Sunder’s sales operations and technology into SunPower’s business. The company conducted a trial run processing 64 Sunder deals through SunPower systems before finalizing the acquisition.

Sunder’s President Eric Nielsen expressed optimism about the combination, noting increased interest from potential sales representatives since the announcement. "We are now well positioned across the country to grow rapidly by gaining market share," Nielsen stated.

SunPower has implemented a formal integration process involving a 10-person leadership team overseeing 10 integration tracks managed by paired executives from both companies. The company expects to complete approximately 310 integration deliverables within the next quarter.

The acquisition expands SunPower’s market presence as it competes in the growing U.S. residential solar installation sector. All 20 of Sunder’s permanent employees have already transferred to SunPower, according to the press release statement. InvestingPro analysis indicates the company is currently undervalued, with a Fair Value assessment suggesting upside potential. Subscribers can access detailed financial health metrics and 6 additional exclusive ProTips about SunPower through the comprehensive Pro Research Report, available to InvestingPro members.

In other recent news, Complete Solaria has completed its acquisition of Sunder, a transaction described by Northland as "transformational" for the company. This acquisition led Northland to raise its price target for Complete Solaria to $5.40 from $3.00, maintaining an Outperform rating. The acquisition was part of a $40 million cash-plus-stock deal announced by SunPower, which includes 10 million shares of common stock, pending stockholder approval. SunPower secured funding for this acquisition through a private offering of convertible debentures managed by Cantor Fitzgerald. Additionally, Complete Solaria’s stock was recently initiated with an Outperform rating by Northland, with an initial price target of $3.00. Northland’s positive outlook is influenced by U.S. policy changes that favor residential solar due to rising power prices and reduced utility-scale renewable development. These developments highlight significant strategic moves by Complete Solaria and SunPower in the solar industry.

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