SunPower Corp., a US-based leader in residential solar technology, has signed an asset purchase agreement (APA) with Complete Solaria, Inc., another US-based firm, to transfer its Blue Raven Solar business, New Homes division, and non-installing Dealer network. Valued at $45 million, the deal is subject to approval from the US Bankruptcy Court for the District of Delaware, where SunPower is in Chapter 11 bankruptcy. Complete Solaria is the designated Stalking Horse Buyer, setting the benchmark for other potential offers. The transaction is expected to conclude by mid to late September, pending court approval. SunPower also plans to sell off additional assets under Section 363 of the US Bankruptcy Code. The company has requested court authorization to use prepetition cash collateral for ongoing operations and to meet employee obligations.
Complete Solaria to acquire SunPower’s Blue Raven Solar.
The asset purchase agreement with Complete Solaria requires court approval due to SunPower’s bankruptcy filing. (Image Credit: SunPower)
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