By Derick Lila, PV Buzz
SunPower, once a leading name in rooftop solar installation, has filed for bankruptcy amid high interest rates and allegations of financial misconduct.
The company’s stock has plummeted nearly 90% this year, leading to a major restructuring effort.
Can SunPower’s struggles offer insights into the broader challenges faced by the solar industry today?
In its bankruptcy filing with the U.S. Bankruptcy Court for the District of Delaware, SunPower reported assets and liabilities ranging between $1 billion and $10 billion. TotalEnergies, a major stakeholder, holds a significant portion of the company.
The bankruptcy filing comes as the company plans to sell its Blue Raven Solar and new homes businesses, along with its non-installing dealer network, to Complete Solaria for $45 million, pending court approval. SunPower is aiming for court approval by mid-September and intends to sell its remaining assets through the bankruptcy process.
The residential solar sector has faced challenges due to high interest rates, which have dampened demand and left companies with excess inventory.
However, SunPower’s troubles are further compounded by allegations of misconduct.
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