The solar industry dealmaker of the year didn't warn us that prices would fall off a cliff -- and considering his company is among the highest cost vendors out there, probably wouldn't have wanted us to think that -- but he did sell a huge stake in his company at a premium to current share price ahead of the sector-wide carnage.
|SunPower CEO Tom Werner|
In fact, maybe SunPower's Tom Werner was listening to the ReneSola conference call. Remember, the day of the ReneSola conference call was April 28. The
Putting those two April 28 events together sure gives solar investors a good rearview mirror look at what was about to occur. The truth is that Total had been scouring for a solar acquisition in North America for a few years, according to solar industry sources, so the date is a coincidence.
SunPower shares were sold by Werner to Total for $23.25 per share, a hefty premium to their $16.20 price at the time of the deal, but well below the $140 level reached at the high-water mark of solar investor euphoria.The current price for SunPower shares not owned by Total is under $6. When Total
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