US-based energy company SunPower has entered an agreement to acquire solar panel manufacturer SolarWorld Americas for an undisclosed price.

The completion of the deal is subject to the US and German regulatory approvals, as well as other closing conditions.

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SunPower also intends to make new investments into SolarWorld Americas’ facility in Oregon in order to install the P-Series solar panel manufacturing technology.

SunPower CEO Tom Werner said: “We are thrilled to announce this agreement to acquire SolarWorld Americas, one of the most respected manufacturers of high-quality solar panels for more than 40 years.

“SolarWorld Americas provides a great platform for us to implement our advanced P-Series solar panel manufacturing technology right here in our home market.”

“The time is right for SunPower to invest in the US manufacturing, and SolarWorld Americas provides a great platform for us to implement our advanced P-Series solar panel manufacturing technology right here in our home market.

“P-Series technology was invented and perfected in Silicon Valley, and will now be built in SolarWorld Americas’ factory, helping to reshape solar manufacturing in America.”

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Upon completion of the deal, SunPower will become the largest solar panel manufacturer in the country.

SolarWorld Americas CEO Jürgen Stein said: “SunPower is the solar industry technology leader. We are delighted that SunPower has agreed to inject fresh capital and their industry-leading P-Series technology into SolarWorld Americas operations here in Hillsboro.

“Our hundreds of long-time employees are excited to be part of this next chapter in SolarWorld Americas’ long history.

“We are thrilled about this acquisition as it means quite simply, that our company can look forward to redoubled strength as it continues to innovate and expand into the future. This outcome is ideal for SolarWorld Americas and its employees.”