SunPower in cashflow boost with 233MW solar sale to Goldman Sachs

Facebook
Twitter
LinkedIn
Reddit
Email
SunPower renewed last year efforts to sell assets to shore up finances under pressure (Credit: SunPower)

SunPower looks set for a fresh cash injection after agreeing to offload a 233MW solar portfolio to financial giant Goldman Sachs.

In investor filings dated on 27 March, the US high-efficiency panel maker confirmed a deal to divest for US$86.9 million assets it owns on a leased basis across the country.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The portfolio, scattered across some 200 sites in Texas, California, New York and six other US states, features Wells Fargo Bank, PNC Bank, MetLife, Regions Bank and SunTrust as lessors. 

Goldman Sachs’ acquisition of the solar leases will now have to be green-lighted by the relevant lessor in the aforementioned group, SunPower said in the filing.

The document, bearing the name of SunPower executive vice president and CFO Manavendra S. Sial, emerges as the manufacturer strives to bounce back after years of financial hardship.

Earlier PV Tech reports have charted the net losses racked up by SunPower in recent years, from US$544 million (2015) to US$299 million (2016), US$929 million (2017) and US$811 million (2018).

Annual revenues have hovered around the US$1.5-1.7 billion region over the past four years, down from the US$3.027 billion seen in 2014. For its part, headcount sat below 7,000 employees last year, down from almost 9,000 in 2016 and over 7,000 in 2017.

Sales such as the US leased portfolio are part of efforts, renewed by SunPower last year, to trim down its structure and avoid a bankruptcy scenario. The restructuring campaign saw the firm offload last November a residential leased package to SunStrong Capital Holdings.

In parallel, the firm has notched up several manufacturing milestones. Events so far in 2019 include a production scale-up for 200MW of P-Series modules at an Oregon facility and the launch of SunPower's so-called A-Series modules, which incorporate Next Generation Technology.

21 May 2024
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 21-22 May 2024, will be our third PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2025 and beyond.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 10, 2024
Dallas, Texas USA
Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Napa, USA