SunPower files for bankruptcy, sells some assets to Complete Solaria
SunPower Corp. filed for Chapter 11 bankruptcy this week, a move that seemed inevitable after the recent decision to halt its PPA and lease business. SunPower entered into an asset purchase agreement with Complete Solaria to serve as the Stalking Horse Buyer for the assets associated with SunPower’s Blue Raven Solar business, New Homes business, and non-installing Dealer network.
Other interested parties now have the opportunity to submit competing bids for the rest of SunPower’s assets — an OG solar company that’s been around since 1985.
“For nearly 40 years, SunPower has made solar energy more accessible to Americans, driven by our mission to change the way our world is powered. We are confident Complete Solaria’s CEO, T.J. Rodgers, will carry forward our vision to shape the future of residential solar as a pioneer in this space,” said Tom Werner, Executive Chairman at SunPower. “In light of the challenges SunPower has faced, the proposed transaction offers a significant opportunity for key parts of our business to continue our legacy under new ownership. We are working to secure long-term solutions for the remaining areas of our business, while maintaining our focus on supporting our valued employees, customers, dealers, builders, and partners.”
SunPower has requested Court approval to access the necessary prepetition cash collateral to fund business operations and administrative expenses during the Chapter 11 cases. To support its operations during the court-supervised process, the Company is filing a variety of customary motions seeking, among other things, authorization to meet its obligations to its employees. The Company expects to receive Court approval for these requests. Following an expeditious sale process, the Company plans to liquidate any remaining assets and undergo an orderly and efficient winddown of its operations.
Complete Solaria paid $45 million in cash in the asset purchase. Formed officially in November 2022, Complete Solaria is the result of the Complete Solar and Solaria merger. It is as a full system operator with a top of the line PV product and customer platform that handles financing and project fulfillment.
“We look to welcome Blue Raven Solar, the SunPower New Homes Division, and a portion of SunPower’s Dealer network into the Complete Solaria portfolio,” said T.J. Rodgers, CEO, Complete Solaria. This acquisition will strengthen our position in the market and put more muscle behind our commitment to driving the future of clean, reliable energy.”
The Company has asked the Court for approval to complete the transaction mid to late September.
No impact on SunPower (Maxeon) panels
If you were wondering about the future of SunPower panels, remember that there distinction between SunPower Corp. and the SunPower branded solar panels — the actual panels are designed, manufactured, and sold by Maxeon Solar Technologies in Europe and elsewhere outside of the U.S. and Canada. Other than a product brand name, there is no existing relationship between Maxeon and SunPower Corporation.
SunPower Corp. and Maxeon separated in 2020 when Maxeon spun off as an independent company. Since then, SunPower Corporation and Maxeon Solar Technologies have been separate publicly traded companies.
Maxeon previously had a supply agreement to provide solar panels to SunPower Corp., but that agreement was terminated in 2023, and since Q1 2024, Maxeon has not been shipping any product to SunPower Corp.
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