- SunPower sold vital assets, including Blue Raven Solar, to Complete Solaria for $45 million as part of its restructuring plan.
- SunPower filed for Chapter 11 bankruptcy to reorganise its operations while continuing business.
- Complete Solaria strengthens its position in the solar market, focusing on expanding clean energy solutions.
SunPower Corp. sold critical assets to Complete Solaria, Inc. for $45 million as part of a restructuring plan. The sale includes SunPower’s Blue Raven Solar division, New Homes unit, and non-installer distributor network. A Delaware court must approve the deal, which may allow other interested parties to bid.
SunPower and its subsidiaries filed for Chapter 11 bankruptcy to restructure their debts while continuing operations. SunPower aims to complete the sale by the end of September and maximise value for its creditors and shareholders. As it streamlines operations, the company plans to sell more assets under Section 363 of the Bankruptcy Code.
SunPower’s Executive Chairman Tom Werner said the sale helps advance the company’s long-term goal of expanding solar energy access. “SunPower led residential solar for nearly 40 years. We believe Complete Solaria will continue this vision,” said Werner.
Complete Solaria’s CEO, T.J. Rodgers, highlighted the financial benefits of solar energy. “Solar electricity costs less than coal, driving the shift to zero-emission power,” said Rodgers. He believes this acquisition strengthens Complete Solaria’s market position and reinforces its commitment to clean energy.
Filing for Chapter 11 allows SunPower to restructure under court supervision while keeping its day-to-day operations running. SunPower asked the court to approve using cash reserves for ongoing operations and administrative expenses. The company also filed motions to ensure it meets employee obligations and avoids disruptions during the transition.
SunPower plans to sell assets quickly while minimising the impact on stakeholders. The company seeks to maintain smooth operations to protect employees, customers, distributors, and partners. SunPower aims for a more orderly transition by selling critical assets to Complete Solaria.
The solar energy sector continues to increase, driven by falling electricity production costs and rising demand for clean energy. This transaction positions SunPower and Complete Solaria to exploit these market dynamics. Complete Solaria intends to build on SunPower’s four decades of experience and expand solar energy access further.
Complete Solaria strengthens its role in the residential solar market with the sale. Both companies view the deal as a strategic move in an increasingly competitive sector, essential to the global energy transition.
SunPower’s asset sale to Complete Solaria marks a crucial step in its bankruptcy restructuring. Complete Solaria plans to use the acquired assets to enhance its market presence, while SunPower focuses on maximising the value of its remaining operations. Both companies remain committed to driving the transition to clean, affordable energy solutions.