A major solar company has just filed for bankruptcy as its business model is no longer viable in America’s current climate.
SunPower announced that it filed for Chapter 11 bankruptcy on Monday.
SunPower filed for bankruptcy in Delaware after a string of corporate struggles.
According to Bloomberg News, changes to California’s rooftop solar subsidy programs and high interest rates in Democrat President Joe Biden’s economy have weighed down its business.
Before it collapsed, SunPower was among America’s leading solar companies.
SunPower will look to sell some of its assets to rival solar company Complete Solaria.
Meanwhile, the company and some of its other subsidiaries filed for bankruptcy, SunPower said in its Monday announcement.
Tom Werner, SunPower’s executive chairman, said he hopes the bankruptcy and the Complete Solaria transaction will save some jobs.
In a statement, Werner said:
“In light of the challenges SunPower has faced, the proposed transaction offers a significant opportunity for key parts of our business to continue our legacy under new ownership.
“We are working to secure long-term solutions for the remaining areas of our business while maintaining our focus on supporting our valued employees, customers, dealers, builders, and partners.”
In 2023, state policymakers changed California’s rooftop