SunPower files for Chapter 11 bankruptcy

SunPower announced today that it has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. The company has also entered into an asset purchase agreement with residential solar dealer Complete Solaria, which will serve as a stalking horse buyer (the first bidder) for assets associated with Blue Raven Solar, SunPower’s New Homes business and its non-installing dealer network.

“We look to welcome Blue Raven Solar, the SunPower New Homes Division, and a portion of SunPower’s Dealer network into the Complete Solaria portfolio. This acquisition will strengthen our position in the market and put more muscle behind our commitment to driving the future of clean, reliable energy,” said T.J. Rodgers, CEO, Complete Solaria.

Under the terms of the asset purchase agreement, Complete Solaria will acquire the assets and assume certain related liabilities for $45 million in cash. SunPower has asked the court to approve this transaction by mid- to late-September. SunPower intends to sell its remaining assets according to bankruptcy code.

“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,” said 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.”

In the bankruptcy documents, SunPower lists Ampace (lithium battery maker), Enphase, Maxeon, SMA and various residential installation companies as those with the largest claims against the company.

Information on SunPower’s bankruptcy filings can be found at: http://dm.epiq11.com/SunPower. Stakeholders with questions may call the company’s claims agent Epiq Restructuring Administration at (888) 410-9433 or +1 (971) 298-7638 if calling from outside the United States, or email SunPowerinfo@epiqglobal.com.