SunPower to acquire Sunder Energy in $40 million cash-plus-stock deal

OREM, Utah - SunPower (NASDAQ:SPWR), currently valued at $131 million in market capitalization, announced Monday it has agreed to acquire Sunder Energy, the 11th largest U.S. solar company by installed megawatts according to Ohm Analytics, in a transaction expected to close this week. According to InvestingPro analysis, SPWR appears undervalued despite its stock declining over 45% in the past year.

The acquisition will cost $40 million in cash plus 10 million shares of common stock, subject to SunPower stockholder approval. Funding was secured through a private offering of convertible debentures managed by Cantor Fitzgerald. While the company currently maintains a current ratio of 1.15, indicating adequate liquidity, detailed financial analysis available on InvestingPro shows the company’s overall financial health score as "FAIR."

Sunder Energy, based in South Jordan, Utah, is forecasting 2025 revenue of approximately $74 million on 46 megawatts of solar sales contracts. SunPower expects the acquisition to immediately add about $18.5 million per quarter to its sales revenue starting in Q4 2025, with an additional $21.6 million per quarter in engineering, procurement and construction (EPC) revenue ramping up over the next 12 months.

The deal will expand SunPower’s market presence from 22 to 45 states and increase its 1099 salesforce from 841 to 1,734 representatives.

"The merger will multiply our presence in the key solar states of California, Texas and Florida," said SunPower CEO T.J. Rodgers, adding that the company expects to achieve record revenue and profit in Q4 2025 following the acquisition. This aligns with InvestingPro data showing analysts expect significant sales growth and a return to profitability this year, with an EPS forecast of $0.05 for FY2025. Get access to 12+ additional exclusive ProTips and comprehensive analysis through the Pro Research Report.

Eric Nielsen, President of Sunder Energy, said, "Our track record of driving high-volume, high-quality solar sales broadly across the United States pairs well with SunPower’s premium brand and proven leadership team."

SunPower expects to report its third and fourth consecutive quarters of operating profit in Q3 and Q4 2025, according to the press release statement. The company is currently revising its 2026 financial plan to account for the acquisition.

In other recent news, Complete Solaria received an Outperform rating initiation from Northland. The firm set a price target of $3.00 for the company. Northland highlighted recent U.S. policy changes that are phasing out utility-scale renewable development. This shift, combined with increasing electricity demand, is creating a favorable environment for residential solar, according to Northland. The rating suggests a positive outlook for Complete Solaria in the context of rising power prices. These developments are part of the latest updates concerning the company.

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