FinanceFlashNews – SunPower Corporation, a leading player in the solar energy sector, has filed for bankruptcy protection. The California-based company cited financial difficulties, including job cuts and the need to restate financial results due to accounting errors, as primary reasons for the decision.
To maximize value for its stakeholders, SunPower has entered into a preliminary agreement to sell its Blue Raven Solar and New Homes businesses to Complete Solaria for $45 million. This deal is subject to court approval.
According to a Reuters report, the bankruptcy filing estimates the company’s assets and liabilities to be between $1 billion and $10 billion.
SunPower has been facing significant challenges in recent months, including a sharp decline in its stock price and a halt to new solar installations. These issues were exacerbated by a weakening rooftop solar market in California, largely attributed to regulatory changes that reduced incentives for solar adoption.
French energy giant TotalEnergies, which holds a majority stake in SunPower, is now facing the consequences of the company’s bankruptcy.
The bankruptcy of SunPower highlights the growing pressures facing the solar industry, as companies grapple with market fluctuations, regulatory changes, and financial challenges.
