SunPower filed for Chapter 11 bankruptcy protection on Monday and is selling parts of its business to Complete Solaria for $45 million.
The company’s assets and liabilities are believed to be between $1 billion and $10 billion.
In July, SunPower put a stop to several key operations, including new product shipments, leases, and PPA sales.
It plans to sell its remaining assets and has entered into a “stalking horse” agreement with Complete Solaria, which includes the sale of its Blue Raven Solar and New Homes businesses, as well as its non-installing Dealer network.
According to Electrek, SunPower’s liquidation efforts are expected to conclude by late 2024.
Tom Werner, executive chairman at SunPower said, “In light of the challenges SunPower has faced, the proposed transaction offers a significant opportunity for key parts of our business to continue our legacy under new ownership. We are working to secure long-term solutions for the remaining areas of our business, while maintaining our focus on supporting our valued employees, customers, dealers, builders, and partners.”
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