Complete Solar wins bid for SunPower’s Chapter 11-covered assets

Solar technology provider and installer Complete Solar Holdings Inc is the prevailing bidder for part of the assets of SunPower (OTCMKTS:SPWRQ), the US residential solar company that recently filed for Chapter 11 bankruptcy protection.

The assets on offer are SunPower’s Blue Raven Solar business, New Homes business, and non-installing dealer network. Certain liabilities related to the businesses are also part of the arrangement announced in the USD-45-million (EUR 40.4m) cash deal from August.

According to a statement on Monday, Complete Solar the acquisition has to be cleared by the Bankruptcy Court. A hearing is due to take place on September 23.

Complete Solar intends to hire 1,000 people from the current SunPower group to join its 100-person staff. “With 1,000 hand-picked employee-shareholders, we’re going to turn the recent shareholder complaints into at least respect and hopefully praise over the next year,” said T J Rodgers, CEO of Complete Solar.

As mentioned in the Chapter 11 case, SunPower intends to pursue a sale of its remaining assets. Once this process is completed, the California-based company will liquidate any remaining assets and undergo an efficient wind-down of its operations.

(USD 1.0 = EUR 0.897)

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