Solar Firm SunPower Files for Chapter 11 Bankruptcy

Solar firm SunPower has filed for Chapter 11 bankruptcy in the U.S. and entered into an asset purchase agreement with Complete Solaria, which will acquire SunPower's assets and assume related liabilities for $45 million in cash.

Solar firm SunPower has filed for Chapter 11 bankruptcy in the United States, the company announced on Monday. This legal move aims to reorganize the firm's financial obligations under the protection of the bankruptcy court.

In tandem with the bankruptcy filing, SunPower has entered into an asset purchase agreement with Complete Solaria. The deal stipulates that Complete Solaria will acquire SunPower's assets and take on certain related liabilities, all for a payment of $45 million in cash.

The financial troubles and subsequent asset purchase signal a significant shift in SunPower's business strategy and portfolio. This development raises questions about the future dynamics of the solar energy market.

(With inputs from agencies.)