French energy company Total announced that it launched a "friendly tender offer" for a 60-percent stake in solar power company SunPower, which has corporate offices in California.
California was the recent recipient of U.S. federal funds to advance the solar power sector.
Total as part of the deal provides SunPower with as much as $1 billion in credit during the next five years to support solar research development.
"Total's commitment and global presence will help accelerate our growth and solidify our position in the increasingly competitive solar sector," said Tom Werner, SunPower's chief executive officer, in a statement.
Total said the partnership with SunPower would contribute to the transition to a renewable energy future. Solar power, the French company said, already boasts 40,000 megawatts of installed capacity across the globe.
"Total and SunPower will collaborate to ensure that solar becomes a platform for an efficient, competitive and sustainable energy future," added Werner.
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