SunPower to acquire Ambia Solar, bolstering residential market share ahead of tax credit shift

SunPower’s strategic move strengthens its residential solar position by integrating Ambia’s management and operations ahead of expected 2026 market changes.

November 12, 2025 Ryan Kennedy

SunPower residential rooftop solar installation.

Image: SunPower

SunPower, a distributed solar technology, services, and installation company, has agreed to acquire Ambia Solar in an equity transaction valued at $37.5 million. The transaction, executed via a non-binding Letter of Intent, is scheduled to close this quarter. Ambia Solar is the 19th largest U.S. solar company by installed megawatts, according to Ohm Analytics.

The acquisition combines SunPower’s established national footprint with Ambia’s sales and operations model, designed to maximize margins and cycle speed in the competitive residential solar market. Ambia, based just 1.7 miles from SunPower’s headquarters in Lindon, Utah, will be merged into SunPower’s Blue Raven division, from which Ambia originally spun out in 2022.

The central theme of the deal is operational synergy and management expertise. SunPower CEO T.J. Rodgers highlighted Ambia’s leadership team as a “big win for SunPower,” pointing to Ambia’s novel sales approach.

“Ambia’s founding CEO, Conner Ruggio, is a sales expert who believes that winning sales teams should create more added value for their companies by performing the standard initial site survey,” Rodgers said.

This approach shifts the initial survey from the operations team to the sales team, eliminating a week of delay and reducing cost.

Upon closing, Conner Ruggio will take the helm as the leader of the combined Blue Raven division. Steve Erickson, the SunPower veteran who previously led Blue Raven, will transition to run the company’s newly formed Battery Division, which Rodgers noted addresses “the biggest opportunity in solar right now: battery storage and backup.”

The deal also brings a proven operations expert to the combined entity. Ambia chief operating officer, Spencer Jensen, will become the Blue Raven COO, overseeing all combined operations. Jensen said his goal is to deliver significant operational improvements, citing Ambia’s key performance metrics of a 41.6-day order-to-install median cycle time and a customer Net Promoter Score of 71.

“I look forward to combining the two operations teams and moving them to the next level of operational performance. I also look forward to combining our two midwestern sales forces to bring each state to critical mass without increasing field overhead,” said Jensen.

“SEIA has forecasted that the U.S. residential solar industry will install a massive 11 gigawatts (about $28 billion) – 6.0 gigawatts in 2025 and 5.2 gigawatts in 2026,” said T.R. Rodgers, chief executive officer, SunPower. “Right now, due to the 2026 forecasted 13% [Investment Tax Credit] reduction, the industry is consolidating.”

Rodgers said the acquisition is vital to navigating the challenge of expiring tax credits, noting that Ambia’s backlog will be 72% TPO (Third-Party Ownership) at the close. The ITC sunset for homeowners at year’s-end 2025 does not apply to TPO-funded transactions, making Ambia’s customer mix a crucial asset for SunPower’s stability.

“The tangible benefits of the acquisition after closure will show up fully in Q1’26 financial statements, just when the new industry will be challenged with the ITC loss for homeowners,” Rodgers said.

With Ambia’s 2025 projected revenue of $83.6 million bolstering SunPower’s equivalent forecast of $303.4 million, the company expects the integration to reinforce its existing guidance to achieve record revenue and operating income in Q4’25, and to “remain profitable in the double-jeopardy Q1’26 quarter.”

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.