Solar Installer SunPower Slips as Cash Infusion Dilutes Shares
- SunPower raises $155 million in new financing from Total, GIP
- ‘Much-needed bailout comes with hefty dilution,’ analyst says
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SunPower Corp. declined after the struggling rooftop solar installer announced $155 million in new financing from its majority investors — a development that will ease a cash crunch but also dilute the shares.
The company received a $130 million term loan from French energy giant TotalEnergies SE and private equity firm Global Infrastructure Partners, SunPower said Thursday in a statement. It also has access to $25 million through a revolving credit facility. Together with financing it obtained in recent months, the company has raised a total of $200 million.