The producer of Maxeon and SunPower brand solar modules is raising capital from a $157.4 million underwriting of shares and a separate $42 million private placement with TCL Zhonghuan.
The Uyghur Forced Labor Prevention Act would ban all imports from the Chinese region, unless the U.S. government determines the products were not made with forced labor. The region supplies 50% of the world’s polysilicon, an essential material in solar PV.
Unsubsidized solar keeps moving forward in Germany, the US, Egypt, the Philippines, and South Africa.
The solar efficiency leader remains on track to complete its planned split into two independently focused pure-play solar companies by the end of the second quarter.
The PV maker plans to shift its 800 MW of current E-Series production to its new NGT technology, as it records a massive loss on depreciation of its old equipment.
The company is noting its substantial investment in U.S. research and development as well as tools, has further hinted that it may establish U.S. manufacturing for its P-Series modules.
The President’s proclamation provides a path for specific products to apply for exemption from tariffs, which had been sought by both SunPower and the government of Korea. Additionally, imports from a number of developing nations are exempt as long as import levels remain small.
The company has announced a major restructuring as it attempts to right-size and address the hole in its balance sheet.
Extension of the ITC has stripped urgency from U.S. market, company CEO says, prompting a rethink on solar power plant timeline. SunPower will close Philippines fab as part of re-positioning of supply.
In an SEC filing, the PV maker revealed that it has settled a monocrystalline wafer supply dispute with a Philippines subcontractor for a sum of $50.5 million.
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