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.
For most of our lives, many of us boomers have believed that the biggest threat to the United States was our president, starting with Tricky Dick Nixon, the inventor of the “trickle-down economics,” liar Ronald Reagan, and GW (the moron) Bush.
But yes, none of us was prepared for the cold, calculating criminal who is Donald Trump.
There Were Prior Threats to the Nation Stemming from the White House
The fact that human activity is unsustainable has been revealed to us gradually over the last century. Rachel Carson’s “Silent Spring” was published 63 years ago.
That said, the ideas of climate change, ocean acidification, and loss of biodiversity have been essentially unchallenged by scientists for just the last couple of decades.
The only thing standing in the way of rapid environmental progress is greed, and in the end, that may prove to be an unbeatable foe. Decarbonizing our grid and transportation sector will eventually destroy the fossil fuel industry, a group so powerful that it has a stranglehold, both on our lawmakers and on our corporate-owned media, that works so hard to misinform our citizenry.
It’s still possible that our most senior military leaders will insert themselves in time to prevent some truly catastrophic event here in the United States/abroad.
I keep thinking I’ll read about an exchange like this:
Trump: We’re invading Greenland.
Some four-star general: The f*** we are.
This may sound like a pipe dream, but these are people of real honor and integrity who take their oaths to our constitution quite seriously.
Will the U.S. Top Military Intervene Before Trump Inflicts Irreparable Damage
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