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A Successful Bet For Tidjane Thiam’s SPAC

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With the announcement of a double transaction, the Franco-Ivorian is on the verge of completing his foray into the delicate world of “exotic” financing.

It’s a double for Tidjane Thiam. On 3 October, the former CEO of Crédit Suisse and Prudential, became, in a sense, the former co-founder of the special purpose acquisition company (SPAC) Freedom Acquisition I Corp. The SPAC is soon to undergo a “de-SPAC” transition with Complete Solaria, a solar services, financing and products company based in San Ramon, California.

In detail, T.J. Rodgers – the future chairman of Complete Solaria and former CEO of SunPower – and Freedom’s limited partners, Thiam, Edward Zeng and Adam Gishen, have entered into a binding agreement to purchase $7 million of convertible promissory notes as a guarantee for the successful completion of the transaction.

Developments in Europe

Complete Solaria, itself the result of an ongoing merger between two companies (Complete Solar and Solaria), will eventually offer financing solutions for customers looking to save energy in the US. Thanks to its IPO, and the approximately $350 million endowment of the vehicle co-sponsored by Thiam, the company should see a 2.5-fold increase in revenue between 2022 (expected to be $120 million) and 2023 (expected to be $285 million).

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