How SunPower Narrowly Avoided Bankruptcy With ‘Trojan Horse' Rescue Deal
SunPower(SPWR) Forbes·2024-02-22 23:47
Higher interest rates have made it more expensive to finance new solar panels.gettySunPower reported pretty dismal 2023 results last week. For the year the residential solar company lost $247 million on $1.7 billion in revenue. It burned through $300 million in cash, and didn’t even have any growth to show for it. In the fourth quarter installations were down 4% over the previous year, while new bookings fell 9%.Short on cash, in December SunPower defaulted on hundreds of millions of dollars in first lien d ...