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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:
According to Bloomberg, those changes negatively affected SunPower’s business, culminating in its bankruptcy filing.
Prior to its bankruptcy, SunPower showed signs of distress.
In 2023, the firm defaulted on a credit deal and restated its earnings before getting a new CEO and restructuring.
The company also stopped all new solar shipments and installations in 2024, according to Bloomberg.
Meanwhile, regulators in California are pushing drastic new proposals to keep the green agenda on track.
As Slay News reported earlier, regulators are proposing plans for the California government to take control of oil refineries to manage energy price hikes as the state pushes to advance green agenda policies.
State officials have proposed a variety of government intrusions into the petroleum industry to combat future energy price surges.
The proposals were revealed in a new report released by the taxpayer-funded California Energy Commission (CEC).
The CEC expects some of California’s nine oil refineries to be shuttered due to falling demand as the Golden State continues to pursue its green agenda.
After they begin shutting down, the remaining refineries will have increased pricing power.
As such, it would raise the possibility of a surge in gas prices, the study concluded.
To solve this problem, the commission proposed a variety of government interventions.
Those interventions include expanded regulation on private refineries, the establishment of taxpayer-funded state-owned refineries, and an increase in imports.
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The post Major Solar Company Files for Bankruptcy after California Slashes Subsidies appeared first on Energy News Beat.
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