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

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
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.

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.

Read Next

July 22, 2021
US Senate majority leader Chuck Schumer has failed in a bid to fast-track the US’ US$1.2 trillion infrastructure investment bill through the Senate. But there remains hope that further progress could be made as early as next Monday, when some Republican senators believe the bill will be fit to proceed.
July 21, 2021
A round-up of the latest stories from the US solar market, featuring news of EPC Signal Energy and tracker provider Nextracker being selected for a 728MW solar portfolio in Texas and California, and Longroad Energy completing a financing package for its 200MWdc solar project in Arizona.
July 16, 2021
The California Independent System Operator (CAISO) has almost 80GW of solar and 148GW of storage in its interconnection queue.
PV Tech Premium
July 15, 2021
Earlier this week the US National Renewable Energy Laboratory (NREL) published its 2021 Annual Technology Baseline (ATB) document, detailing the continued reduction in the levelised cost of electricity (LCOE) of the country’s core generators. Liam Stoker takes a look at the data and discusses just how cheap solar, and solar-storage, could become.
July 15, 2021
Falling solar wholesale prices in California mean subsidies will likely be needed to sustain the cost-effective deployment of PV in the state over the next three decades, according to a new report from research centre the Breakthrough Institute.
July 15, 2021
Legislation that would ban the import of all products from China’s Xinjiang region into the US has taken a critical step forward, passing the US Senate.

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
July 29, 2021
Webinar
Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021