The UnitedStates property solar installer hasactually submitted for insolvency, amongst the biggest in a series of significant insolvencies in the market.
Ryan Kennedy and Pilar Sánchez Molina
From pv publication USA
Residential UnitedStates solar business SunPower Corp. (Nasdaq: SPWR) hasactually submitted for insolvency. Nevertheless, the scenario doesn’t affect the SunPower branded solar panels developed, made, and offered by Maxeon Solar Technologies in Europe and inotherplaces outside of the UnitedStates and Canada. “Other than a item brandname name, there is no existing relationship inbetween Maxeon and SunPower Corporation”, a representative from Maxeon Solar informed pv publication. SunPower Corp. and Maxeon apart in August 2020 when Maxeonspun off as an independent business. Maxeon formerly had a supply contract to supply solar panels to SunPower Corp., “but that arrangement was ended in 2023, and consideringthat Q1 2024, Maxeon has not been shipping any item to SunPower Corp”, she concludes.
“SunPower hasactually dealtwith a serious liquidity crisis triggered by a sharp decrease in need in the solar market and SunPower’s failure to get brand-new capital,” stated Matthew Henry, chief change officer, SunPower.
The property solar market in the United States hasactually been havingahardtime over the past 2 years as increasing interest rates and regulative modifications have squeezed the worth used to consumers. As need fell, increasing excess stock positioned more obstacles for installers.
Industry-wide, setups are down approximately 20% acrossthecountry in2024 SunPower signsupwith Titan Solar Power and Sunworks as publicly-traded property solar installers that haveactually gone under this year, along with lotsof smallersized installers, especially in California. However, experts have warned that the market is not in a tailspin as it might appear.
“SunPower’s travails are absolutely a company-specific concern and oughtto not be seen as a remark on the underlying need for U.S. property solar,” Pavel Molchanov, an expert with Raymond James.
SunPower’s hasahardtime co