SunPower, a U.S. residential solar company, has announced the suspension of various services, including new lease and power purchase agreement (PPA) sales, as well as new shipments and project installations associated with these financing options.
This decision, effective from July 17, was communicated through a letter sent to dealers and highlighted in a flash note by ROTH Capital.
The letter outlines that SunPower will “no longer be supporting new Lease and PPA sales nor new project installations of these financing options.” It further notes that the company will deactivate these offerings from its EDDiE platform, cease countersigning new agreements, and allow all active unsigned proposals to expire. Additionally, all new shipments and project installations will be halted.
SunPower stated that it is exploring alternative providers to assist with the transfer of sold projects and will provide further details on this process in due course.
Earlier this year, SunPower undertook cost-cutting measures, including the lay-off of approximately 1,000 employees and the closure of certain direct sales divisions.
This followed the company's announcement of drawing upon the second tranche of its second lien term loan from its majority owner, Sol Holding LLC.
