SunPower, a prominent player in residential solar technology and energy services, has received loan waiver extensions from Atlas Securitized Products Holdings and Bank of America. These extensions, encompassing the latest temporary waivers, have been prolonged until February 16, 2024.
SunPower also disclosed that it has garnered commitments amounting to $20 million in financing from its majority shareholders, TotalEnergies, and Global Infrastructure Partners.
The additional financial support and waiver extensions mark a crucial step for SunPower as it navigates through financial challenges. The company intends to utilize the financial runway provided by this funding and extensions to engage in ongoing discussions with key financial partners. These discussions are pivotal as SunPower meticulously evaluates various strategic alternatives aimed at securing a robust and sustainable long-term financial solution.
SunPower in December informed that lenders may demand immediate payment of $65.3 million in debt after it failed to file its third-quarter results on time. SunPower also said it would not have sufficient funds for its day-to-day operations.