Residential solar company Complete Solar has been selected as the prevailing bidder for part of the assets of SunPower.
The assets in question from the residential solar provider are those associated with SunPower’s Blue Raven Solar business, New Homes business and non-installing Dealer network, to be sold for US$45 million.
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SunPower filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code last month and entered into an asset purchase agreement (APA) with Complete Solar to serve as the stalking horse buyer for the aforementioned assets.
The sale is subject to the Bankruptcy Court’s final approval at the hearing on 23 September 2024. The remaining SunPower’s assets will continue through the bankruptcy process.
T.J. Rodgers, CEO of Complete Solar, until recently known as Complete Solaria, said Complete Solar would begin to manage three SunPower business units, leaving the rest of the company to complete its bankruptcy process. Around 1,000 former SunPower employees have been rehired to work for Complete Solar.
“With 1,000 hand-picked employee-shareholders, we’re going to turn the recent shareholder complaints into at least respect and hopefully praise over the next year,” Rogers said.
Earlier this month, the company raised US$40.5 million in funding through a convertible debenture with a 7% coupon and a 25% conversion premium, “bringing the ‘strike price’ of the underlying shares to US$2.1375, based on the closing price of US$1.71”.
In the past few months, several residential companies have either filed for Chapter 11 or ceased operations.
Prior to SunPower in August, US residential solar installer Titan Solar Power ceased its operations in June, while more recently fellow residential solar installer Lumio filed voluntary petitions for relief under Chapter 11 bankruptcy in the US Bankruptcy Court for the District of Delaware.
