Bankruptcy court approves Complete Solar purchase of SunPower assets

Lehi-based solar technology and installation company Complete Solar, through its parent company Complete Solar Holdings, has been approved by a bankruptcy court in Delaware to purchase the assets of SunPower Corp. for $45 million in cash. The SunPower bankruptcy leaves the company open for business as a “going concern” and the Complete Solar purchase includes SunPower’s Blue Raven, New Homes and dealer business segments.

The sale was expected to close by Sept. 30, at which time SunPower businesses, the SunPower brand and about 1,000 employees became part of Complete Solar, the temporary name of SunPower during the transition.

T.J. Rodgers, Complete Solar’s CEO, said, “This is a pivotal moment in the history of SunPower, one of the most storied U.S. solar companies. The dark cloud currently hanging over the U.S. solar industry will not bring SunPower’s demise. And when that cloud recedes — as it must, since only 3.7 percent of American homes have solar power in an age when solar energy has literally become cheaper than fossil fuel energy — the new SunPower will re-emerge as a lean and competitive American-owned company with a national footprint.

“I would like to thank the U.S. Bankruptcy Court for recognizing Complete Solar’s good faith offer to acquire the SunPower businesses. I would like to thank our investors, who recently added another $40 million to the offering we announced on Sept. 9, to bring the total proceeds to $80 million.”