SunPower sells part of assets to Complete Solaria

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AK&M 11 February 2025 18:05

SunPower Corp., a solar energy company, filed for bankruptcy and entered into an agreement to sell part of the assets of Complete Solaria, Inc. This is reported in a SunPower press release.

As part of the deal, Complete Solaria will acquire the assets of Blue Raven Solar, New Homes and the SunPower dealer network for $45 million. 

SunPower intends to continue the process of selling the remaining assets in accordance with U.S. bankruptcy law amid the problems it has faced recently. In particular, the company plans to reduce the number of employees by about 1 thousand people and close the SunPower Residential Installation and SunPower Direct divisions.

As part of the deal, SunPower requested court permission to access the necessary funds to finance business operations and administrative expenses for fulfilling obligations to employees. In its bankruptcy filing, the company indicated that its own assets and liabilities range from $1 billion to $10 billion.

Kirkland & Ellis LLP and Richards, Layton & Finger, P.A. act as legal advisers to SunPower, while DLA Piper LLP (US) and Arnold & Porter Kaye Scholer LLP act as consultants to Solaria.

SunPower is an American supplier of photovoltaic solar power generation systems and battery storage devices, primarily for domestic consumers in North America. SunPower offers solar + storage solutions that give customers control over their electricity consumption and provide fault tolerance during power outages. The headquarters is located in San Jose (California).

Complete Solaria specializes in providing residential solar energy solutions. The company offers services from design to installation and financing of solar energy systems. The headquarters is located in Fremont, California.

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