The US Bankruptcy Court for the District of Delaware has greenlit the proposed acquisition by Complete Solar Holdings Inc of certain operations of bankrupt residential solar company SunPower Corporation.
The court approval relates to the going concern sale of substantially all assets of SunPower’s Blue Raven Solar, New Homes and Dealer businesses, as well as several affiliates of SunPower. The all-cash deal is worth USD 45 million (EUR 40m), solar technology provider and installer Complete Solar said on Tuesday.
The transaction is expected to be finalised before September 30. It was agreed after SunPower filed for Chapter 11 bankruptcy protection in August. Complete Solar was announced as the prevailing bidder for the abovementioned assets of the struggling group earlier this month.
Following the sale, the three SunPower businesses and about 1,000 employees will become part of Complete Solar.
“the New SunPower will re-emerge as a lean and competitive American-owned company with a national footprint,” said T J Rodgers, Complete Solar’s CEO.
