A US residential photo voltaic installer has filed for chapter, among the many largest in a collection of main trade bankruptcies.
From pv journal USA
US residential photo voltaic firm SolarPower Corp. (Nasdaq: SPWR) filed for chapter. However, the scenario didn’t have an effect on the SolarPower branded photo voltaic panels designed, manufactured, and bought by Maxeon Solar Technologies in Europe and elsewhere outdoors the US and Canada. “Except for a product model title, there isn’t any present relationship between Maxeon and SolarPower Corporation”, a spokesperson from Maxeon Solar stated pv journal.SUnPower Corp. and Maxeon separated from August 2020 when Maxeontransferred as an impartial firm. Maxeon beforehand there was a provide settlement to produce photo voltaic panels to SolarPower Corp., “however that settlement was terminated in 2023, and since Q1 2024, Maxeon has not shipped any merchandise to SolarPower Corp”, he concluded.that
“SolarPower is dealing with a extreme liquidity disaster on account of a pointy decline in demand within the photo voltaic market and SolarPower’s incapacity to lift new capital,” stated Matthew Henry, chief transformation officer. , SolarPower.
The residential photo voltaic trade within the United States has struggled over the previous two years as rising rates of interest and regulatory adjustments squeeze the worth supplied to prospects. As demand falls, rising extra stock poses further challenges for installers.
Installations throughout the trade decreased by nearly 20% nationwide by 2024. SolarPower joins Titan Solar Power and Sunworks as publicly-traded residential photo voltaic installers that exit this yr, together with many smaller installers, significantly in California. However, analysts warn that the trade just isn’t in a tailspin because it seems.
“SolarPower’s struggles are a company-specific problem and shouldn’t be seen as a commentary on the underlying demand for residential photo voltaic within the US,” stated Pavel Molchanov, an analyst at Raymond James.
SolarPower’s struggles proceed by persistently excessive rates of interest. In December 2023 the corporate defaulted on its debt and issued a warning that it had “considerations” about staying in enterprise. In April, the corporate introduced it will shut a number of set up service facilities throughout the nation and reduce practically 26% of its workforce.
This July, SolarPower has knowledgeable its workers that it’s going to stop a number of core operations. The firm introduced it can deactivate its lease and energy buy settlement choices and cease new product shipments.
SolarPower will now promote its belongings, together with set up firm Blue Raven Solar and its new house unit to Complete Solaria, Inc. for $45 million. The firm requested the courts to approve the deal in late September.
SolarPower is among the longest-running photo voltaic companies within the United States, having been shaped in 1985. The firm moved its manufacturing enterprise in 2020 to focus extra on rooftop photo voltaic as demand elevated. Since then, demand has cooled significantly, and, beneath a excessive rate of interest atmosphere, the technique has proved deadly for the corporate.
This content material is protected by copyright and might not be reused. If you need to cooperate with us and need to reuse a few of our content material, please contact: [email protected].
Popular content material
