SunPower Corp, a leading US residential solar company, has successfully obtained additional waiver extensions from its lenders along with commitments for an additional USD 20 million in financing from its majority shareholders.
The amendment to the credit agreement includes an increase in revolving commitments from USD 25 million to USD 45 million by Sol Holding LLC, a subsidiary of SunPower's majority co-owners, TotalEnergies, and Global Infrastructure Partners (GIP).
The credit agreement waiver extension, granted in response to existing and anticipated defaults under the financial covenant and reporting covenant, has been prolonged until February 16, 2024, in agreement with lenders Atlas Securitized Products Holdings LP and Bank of America. SunPower intends to utilize this extension to continue negotiations with key financial partners as it assesses various strategic options for a long-term financial solution.
In November, SunPower revised its full-year 2023 net loss guidance to a range between USD 175 million and USD 165 million, down from the previous expectation of USD 90 million to USD 70 million. The company plans to leverage this extended runway to explore and secure a sustainable financial path.