SunPower announces $50M draw on second lien term loan

SunPower announced it has drawn upon the $50 million second tranche of the $175 million second lien term loan from Sol Holding that it announced in February 2024. Sol Holding, which is owned jointly by affiliates of TotalEnergies SE and Global Infrastructure Partners, is the majority owner of SunPower’s common stock. “Today’s announcement demonstrates the continued support of our majority shareholders in the long-term value proposition of residential solar and SunPower’s commitment to operating a financially sound business,” said Tom Werner, Principal Executive Officer at SunPower. “In addition to this funding, in recent months, we have worked to reduce overall costs and increase the proportion of our costs that vary with changes in volume as we aim to build a more resilient business that can deliver consistent positive free cash flow in the future.”