SunPower Files for Bankruptcy

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.