The US Bankruptcy Court for the District of Delaware has approved Complete Solar Holdings Inc.'s acquisition of specific operations from the bankrupt residential solar company SunPower Corporation.
The court's decision facilitates the going concern sale of nearly all assets related to SunPower's Blue Raven Solar, New Homes, and Dealer businesses, along with several affiliates. The all-cash deal is valued at USD 45 million.
The transaction is expected to close before September 30 and follows SunPower's Chapter 11 bankruptcy filing in August. Complete Solar was designated as the winning bidder for these assets earlier this month.
Upon completion of the sale, the three SunPower businesses, along with approximately 1,000 employees, will integrate into Complete Solar.
T J Rodgers, CEO of Complete Solar, stated, “The New SunPower will re-emerge as a lean and competitive American-owned company with a national footprint.”
