US ROUND-UP: Maxeon raises US$150.8m, SunPower returns to large-scale solar projects, National Grid signs three solar PPAs

Facebook
Twitter
LinkedIn
Reddit
Email
Maxeon will use some of the funds raised to scale up manufacturing capacity. Image: Maxeon

A round-up of the latest news from the US solar sector, including distributed solar specialist SunPower’s return to large-scale power systems, panel maker Maxeon’s share offering, and developer National Grid Renewables’ PPA with Hershey, Home Depot and NRG.

Maxeon raises US$150m in share offering

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

20 April 2021: Solar panel supplier Maxeon has secured US$150.8 million after closing a public offering and private placement of shares this week.

Maxeon raised US$125 million through a public offering of ordinary shares at US$18 per share, while the remaining funds were raised from the sale of 1.87 million shares to an affiliate of Tianjin Zhonghuan Semiconductor, a China-based manufacturer of semiconductor materials and new energy products, which is now among Maxeon’s largest shareholders, alongside Total.

Maxeon said in a statement that the funds will be used to fuel the expansion of its Performance line, and to ramp up manufacturing capacity for several Maxeon panel designs, as well as “research and development and other projects”.

The announcement comes weeks after the US Department of Energy announced it will set aside US$128 million in funding for R&D into solar manufacturing to ramp up domestic production.

SunPower returns to utility-scale solar

21 April 2021: Distributed solar specialist SunPower is partnering with Baltimore County to cover two closed landfills into solar power systems in Maryland.

The brownfield projects, which will be located at the Hernwood and Parkton landfills respectively, will collectively have a capacity of 30MW, making them Baltimore County’s first large-scale solar projects. SunPower is expected to break ground on the projects next year, with a view to bringing them online by 2023.

Baltimore County will become the projects’ offtaker through a 25-year power purchase agreement with no upfront costs. Utility Baltimore Gas & Electric will also credit the solar generated at the landfills against other electricity at other county buildings, owing to the state of Maryland’s aggregate net metering rule, SunPower said in a statement.

The deal comes on the same day that Baltimore County Executive Johnny Olszewski signed an executive order to ensure that renewable energy makes up the equivalent of 100% of Baltimore County’s electricity demand by 2026.

Olszewski said he is “thankful for this partnership with SunPower to transform these sites into productive alternative energy sources, further reducing Baltimore County’s carbon footprint and helping us meet our renewable energy goals.”

SunPower pivoted away from utility-scale solar development in 2018, prioritising distributed solar deployment in the US.

National Grid Renewables signs three solar PPAs

20 April 2021: Minneapolis-based developer National Grid Renewables has signed three

power purchase agreements (PPAs) for its 400MW solar-plus-storage development under construction in Denton County, Texas.

DIY company The Home Depot and esports group NRG and have signed a deal to offtake 100MW of solar energy each from the Noble project when it comes online next year, while confectioner The Hershey Company has agreed to offtake 50MW through a solar PPA.

David Reamer, head of development, for National Grid Renewables, said the company is “proud” to work with “some of the nation’s most prominent businesses” to bring the Texas solar project to life.

Module company First Solar will supply its Series 6 thin film solar modules for the project, which is due to be completed in the first half of 2022 and is expected to create 250 jobs during the construction phase.

National Grid’s contracts were announced on the same day that tech giant Amazon revealed plans for a further nine solar and wind projects in the US, putting it on track to be powered by 100% renewables within four years.

Read Next

August 6, 2025
The Indian Ministry of New and Renewable Energy (MNRE) has published the approved list of models and manufacturers (ALMM) for solar cells, which contains 13GW of annual nameplate capacity across six manufacturers.
Premium
August 6, 2025
PV Talk: LevelTen’s Andrés Acosta discusses how an oversupply of clean projects is shaping Europe’s PPA market.
August 1, 2025
US solar module manufacturer First Solar saw sales and net profits increase in Q2 2025, as it forecasts a strong performance under the Trump administration’s industrial and trade policy changes.
August 1, 2025
Independent power producer GoldenPeaks Capital has reached commercial operations on a 92MW solar PV portfolio in Hungary.
July 31, 2025
First Solar has completed a deal to sell US$391 million in tax credits, bringing its total tax credit sales this year to over US$1.5 billion.
July 31, 2025
Leeward Renewable Energy has started construction at the Twelvemile 1 and 2 solar projects in Oklahoma, which have a capacity of 152MW.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines