SunPower has entered into an asset purchase agreement, with Complete Solaria serving as stalking horse buyer for the assets associated with SunPower’s Blue Raven Solar business, new homes business and non-installing dealer network.
The company and certain subsidiaries filed for Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.
Subject to court approval, Complete Solaria will acquire the assets and assume certain related liabilities in exchange for $45 million.
“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,” says 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.”
Kirkland & Ellis and Richards, Layton & Finger serve as legal counsel to SunPower. Alvarez & Marsal North America is serving as transition officer and financial advisor to the company. Moelis & Company is serving as the investment banker and C Street Advisory Group serves as its strategic communications advisor.
DLA Piper and Arnold & Porter Kaye Scholer are serving as legal counsel to Complete Solaria, with Ayna.AI serving as its advisor.
The post SunPower Files for Bankruptcy appeared first on Solar Industry.
How often does this happen? How about never?
Trump loves to say that little boys go to school and come back home little girls.
He’s the most powerful person in the world for exactly one reason: We’re a nation of morons.
Two comments:
That the United States has homeless veterans is a national (and international) disgrace.
By definition, no one has the legal right to enter the U.S. illegally, but according to our constitution, everyone in America is entitled to due process.
This will result in lung disease, climate change, loss of biodiversity, and higher electricity prices.
It will also further alienate the rest of the world from our country, as every other nation on the planet is making gains in the direction of decarbonization, and no other nation suffers from this level of corruption with the fossil fuel industry.
If that pleases you, you’re a warped human being.
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