In a landmark move for the U.S. residential solar market, SunPower finalized its acquisition of Sunder Energy in late September 2025. The deal, valued at $40 million in cash plus 10 million shares of common stock, represents a key consolidation event and underscores a dynamic period of mergers and acquisitions across the renewable energy sector.
Sunder Energy, a Utah-based company specializing in third-party ownership (TPO) models, is on track to conclude 2025 with 46 MW of solar sales contracts, a staggering 93% of which are TPO-funded. This acquisition significantly strengthens SunPower’s portfolio, highlighting the continued resilience and strategic importance of the TPO business model in the residential space.
The SunPower-Sunder transaction was the centerpiece of a flurry of M&A activity in September 2025 that reshaped various segments of the industry. On the technology front, Nextracker acquired Origami Solar, a steel frame technology firm, in a $53 million all-cash deal on September 8. In the utility-scale arena, EGCO Group completed its purchase of a 49% stake in the 251 MW Pinnacle II portfolio on September 26, while TotalEnergies divested a 50% stake in a massive 1.4 GW North American solar portfolio to KKR just days later.
These strategic transactions signal a maturing industry focused on consolidation and vertical integration. Acquisitions of component technology specialists like Origami Solar directly influence the efficiency and cost structure of the entire supply chain, from the core principles of solar panel manufacturing to final system deployment. This wave of deals, spanning from residential installers to utility-scale asset managers, reflects a broader trend toward building robust, diversified clean energy platforms.
Solar firm acquisition: Unique deal closes in impressive 2025
- Nextracker Announces Acquisition of Origami Solar
- Renewables: TotalEnergies Divests 50% of 1.4 GW Solar Portfolio in North America
- Velto Renewables completes acquisition and begins operation of La Gineste solar farm in Aude
- Another success! EGCO Group acquires 49% stake in “Wheatsborough Solar” in the US
- Madison Energy Infrastructure Enters Agreement to Acquire NextEra Energy Resources’ DG Platform
- L&G NTR Clean Power Fund acquires 105MW Irish solar project
- SunPower continues expansion with Ambia Solar acquisition
- SunPower acquiring TPO residential solar company Sunder Energy
- Origami Solar Acquired for $53 Million by Nextracker
