Deals
One of America’s Biggest Solar Panel Makers Quits Manufacturing
- Deal values Maxeon manufacturing business at $1.03 billion
- Solar’s one-stop-shop ‘is largely in the rear-view mirror’
Photographer: David Paul Morris
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SunPower Corp., one of America’s largest solar-panel makers, is giving up its manufacturing business to focus on installing rooftop solar systems.
The company is spinning off its panel production operations into a new company, Maxeon Solar, that will be based in Singapore with factories in France, Malaysia, Mexico and the Philippines, according to a statement Monday. As part of the deal, a Chinese supplier of silicon wafers will make a $298 million equity investment, valuing Maxeon at $1.03 billion.