SunPower Further Delevers Balance Sheet With 2021 Convertible Bond Retirement

Source: www.gulfoilandgas.com 6/2/2021, Location: North America

SunPower Corp., a leading solar technology and energy services provider, today announced it has further delevered its balance sheet with the full retirement of its 2021 convertible bond.

"The full repayment of our 2021 convertible bond, in addition to the repayment of our CEDA loan in the second quarter, materially reduces recourse debt while improving our expected return on invested capital," said Peter Faricy, CEO of SunPower. "We believe our balance sheet now provides us the business model flexibility to quickly capitalize on new growth opportunities including expanding our residential market footprint and enabling further investment to drive a superior customer experience."

"I joined SunPower due to what I see as a tremendous opportunity for solar in the U.S.; less than three percent of U.S. homes currently have solar and storage is still in its infancy. I continue to believe that to significantly increase category growth, the adoption of distributed energy needs to be easy, reliable and affordable," said Faricy.


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