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SunPower secures additional $50 million loan funding

EditorNatashya Angelica
Published 03/06/2024, 16:48

RICHMOND, Calif. - SunPower Corp. (NASDAQ:SPWR), a prominent U.S. solar technology company, has accessed the second tranche of a $175 million loan from its majority shareholder, Sol Holding, LLC. The company confirmed today that it has drawn $50 million from the second lien term loan, which was originally announced in February 2024.

This financial move is part of SunPower's strategy to strengthen its business operations and ensure a stable financial footing. Tom Werner, the Principal Executive Officer of SunPower, expressed that the support from Sol Holding underscores a shared confidence in the residential solar market's growth potential and SunPower's business model. The company aims to enhance its financial resilience and consistently generate positive free cash flow going forward.

In conjunction with the loan draw, SunPower has agreed to issue warrants to Sol Holding for the purchase of approximately 33.4 million shares of common stock at $0.01 per share. Moreover, SunPower is actively working to complete its financial reporting, including the restated 10-K for 2022, the 10-K for 2023, and the 10-Q for the first quarter of 2024.

SunPower, established in 1985, has developed a reputation for providing high-quality, customizable renewable energy solutions for homeowners. The company's commitment to product excellence and customer satisfaction has made it a trusted name in the residential solar industry.

The announcement today is based on a press release statement from SunPower Corp. It is important to note that forward-looking statements included in the release are subject to various risks and uncertainties, which could cause actual outcomes to differ from those projected.

SunPower cautions that the forward-looking statements should not be regarded as representations of the company's position at any future date and that they are under no obligation to update these statements.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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