SunPower seeks to raise US$350 million to power corporate strategy

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The net proceeds of the debenture offer will be used to fund the company's corporate strategy. Image: SunPower.

US solar developer SunPower has announced it is seeking to raise US$350 million in funding as to looks to power its corporate growth strategy.

It has proposed to offer senior convertible debentures to mature in January 2023, with interest rate, offering price and various other terms to be agreed by both SunPower and initial purchases.

SunPower said the net proceeds of the offering would be used for “general corporate purposes”, including the pursuit of its existing holdco and yieldco strategies and to pay off any existing debt.

The company also suggested that proceeds could be used to fund “potential acquisitions of complementary businesses”, but stressed that it currently has no specific commitments or agreements in place.

Total Energies Nouvelles Activites USA, a subsidiary of global oil and gas conglomerate total – which owns a majority 57.5% stake in SunPower, has agreed to purchase US$100 million of the total principal amount, which is subject to the company issuing at least US$300 million of the amount.

Just last week SunPower announced that it had started construction on a 100MW utility-scale solar farm in Boulder City, Nevada and is also currently developing two projects in China, one of which supposedly for technology company Apple.

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