$45 Million in Assets to Be Sold! SunPower Files for Bankruptcy

PVTIME – On 5 August 2024, SunPower Corp (NASDAQ:SPWR), once a titan of the residential rooftop PV industry, filed for Chapter 11 bankruptcy protection and the sale of assets related to SunPower’s Blue Raven Solar business, New Homes business, and non-installer dealer network.

Subject to court approval, SunPower has agreed to sell some of its remaining assets to Complete Solaria for $45 million. SunPower plans to dispose of any remaining assets of value under Section 363 of the US Bankruptcy Code. Following an expedited sale process, the company intends to liquidate its remaining assets and wind down its operations in an orderly and efficient manner by September 2024.

For nearly 40 years, SunPower has made solar energy more accessible to Americans, driven by its mission to change the way our world is powered. Tom Werner, SunPower’s Executive Chairman, said the company is confident that Complete Solaria’s CEO, T.J. Rodgers, will continue SunPower’s vision to lead the way in shaping the future of residential solar. Given the challenges SunPower has faced, the proposed transaction provides a significant opportunity for key parts of the business to continue the SunPower story under new ownership. It is also expected to provide secure long-term solutions for the remaining parts of SunPower’s business, while maintaining the company’s focus on supporting its valued employees, customers, dealers, builders and partners.