SunPower Corp. today announced that it anticipates closing the planned spin-off of Maxeon Solar Technologies during the third quarter 2020. The company also reiterated its second quarter 2020 guidance due to continued improvements in its U.S. and international Distributed Generation (DG) business.
“We’ve made significant progress over the past several months to create and define our two independent pure play, publicly-traded companies, including Tianjin Zhonghuan Semiconductor Co. receiving the necessary regulatory approvals to make its Maxeon Solar investment,” said Tom Werner, SunPower CEO and chairman of the board. “Given the global pandemic, we’ve experienced some delays in finalizing financing for the transaction, but anticipate closing during the third quarter. We’re well-positioned for the second half with new innovative products, as well as benefitting from our online and digital investments in our U.S. DG business.”
The company announced last November that it planned to separate into SunPower and Maxeon Solar Technologies. Concurrent with the closing of the transaction, an equity investment of $298 million will be made in Maxeon Solar by TZS, a premier global supplier of silicon wafers.