From the Daily Caller
Nick Pope
Contributor
SunPower, a large rooftop solar company, announced it was filing for Chapter 11 bankruptcy protection on Monday.
SunPower filed for bankruptcy in Delaware after a series of corporate woes, changes to California's rooftop solar subsidy program and high interest rates weighed on its business, according to Bloomberg. Before its dissolution, SunPower was one of the leading solar companies in the United States
SunPower will seek to sell some of its assets to Complete Solaria at the same time the company and some of its other subsidiaries announced they were filing for bankruptcy, the company said in an announcement Monday. (Related: California solar companies in trouble after receiving huge handouts from Biden and Democrats)
Commenting on the bankruptcy and the Complete Solaria transaction, SunPower Executive Chairman Tom Werner said: “Given the challenges faced by SunPower, the proposed transaction provides an important opportunity for a key part of our business to continue our business under new ownership. Legacy. “We are working hard to provide long-term solutions for the remaining areas of our business while remaining focused on supporting our valued employees, customers, dealers, builders and partners. “
In 2023, state policymakers changed California's rooftop solar subsidy program and reduced incentives for companies to promote rooftop solar by reducing payments to homeowners who sell back excess power generated by their solar panels, according to CalMatters. According to Bloomberg, the changes had a negative impact on SunPower's business, ultimately leading to its bankruptcy filing.
Even before the bankruptcy, SunPower showed signs of trouble. In 2023, the company defaulted on a credit agreement and restated earnings before naming a new chief executive, restructuring and halting new solar shipments and installations in 2024, according to Bloomberg.
SunPower did not immediately respond to a request for comment.
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