{"id":333193,"date":"2024-02-16T13:19:21","date_gmt":"2024-02-16T18:19:21","guid":{"rendered":"https:\/\/www.renewableenergyworld.com\/?p=333193"},"modified":"2024-02-16T13:19:22","modified_gmt":"2024-02-16T18:19:22","slug":"sunpower-secures-emergency-funding-after-debt-debacle","status":"publish","type":"post","link":"https:\/\/www.renewableenergyworld.com\/solar\/sunpower-secures-emergency-funding-after-debt-debacle\/","title":{"rendered":"SunPower secures emergency funding after debt debacle"},"content":{"rendered":"\n<p>SunPower, a residential solar technology and energy services company, announced it has raised $175 million in capital financing through a second-lien term loan, following a debt fiasco that <a href=\"https:\/\/www.renewableenergyworld.com\/solar\/sunpower-gets-more-waiver-extensions-amid-debt-fiasco\/#gref\" target=\"_blank\" rel=\"noreferrer noopener\">can be traced back to an inventory reporting error<\/a>.<\/p>\n\n\n\n<p>In December 2023, SunPower announced it had breached a credit agreement due to late financial reporting caused by a subsidiary\u2019s inventory reporting error, per\u00a0<a href=\"https:\/\/www.reuters.com\/business\/energy\/sunpower-shares-slide-after-raising-going-concern-doubts-2023-12-18\/\" target=\"_blank\" rel=\"noreferrer noopener\">Reuters<\/a>, which allowed its lenders to immediately demand the repayment of its $65 million debt. The company soon received a waiver from its lenders preventing technical default and providing $75 million in funding, extending the timeframe for repayment.  SunPower said it would likely not be able to continue operations if it was not able to secure more funding.<\/p>\n\n\n\n<p>Earlier this month, SunPower said it had <a href=\"https:\/\/www.renewableenergyworld.com\/solar\/sunpower-gets-more-waiver-extensions-amid-debt-fiasco\/#gref\" target=\"_blank\" rel=\"noreferrer noopener\">received additional waiver extensions<\/a> from Atlas Securitized Products Holdings, L.P., and Bank of America, providing for the extension of the latest temporary waivers until February 16.<\/p>\n\n\n\n<p>The emergency loan came from Sol Holding, the company&#8217;s majority shareholder and an indirect subsidiary of TotalEnergies and Global Infrastructure Partners. The $175 million term loan includes $45 million previously funded to SunPower in December and January, $80 million in new investment, and a $50 million second tranche that is available to be borrowed upon the satisfaction of certain conditions. <\/p>\n\n\n\n<div id='buzzsprout-large-player'><\/div><script type='text\/javascript' charset='utf-8' src='https:\/\/www.buzzsprout.com\/1977342.js?container_id=buzzsprout-large-player&#038;player=large'><\/script>\n\n\n\n<p>In connection with the Second Lien Credit Agreement, SunPower agreed to issue penny warrants to Sol Holding to purchase up to approximately 41.8 million shares of the Company&#8217;s common stock with an additional 33.4 million of warrants issued if the $50 million second tranche of the term loan is drawn.<\/p>\n\n\n\n<p>The Company also obtained new long-term waivers from its financial partners and entered into an amendment\u00a0to\u00a0its revolving debt facility, which provides the Company with access\u00a0to\u00a0an incremental\u00a0$25 million\u00a0commitment for loans under its revolving debt capacity, subject\u00a0to\u00a0certain conditions.\u00a0Together, SunPower says these actions provide it with up\u00a0to\u00a0$155 million\u00a0of\u00a0additional\u00a0liquidity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SunPower said it has raised $175 million in capital financing through a second-lien term loan, following a debt fiasco that can be traced back to an inventory reporting error.<\/p>\n","protected":false},"author":2392029,"featured_media":330408,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"ep_exclude_from_search":false,"footnotes":""},"categories":[125,21],"tags":[],"ppma_author":[2343],"class_list":["post-333193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-solar"],"acf":[],"contentshake_article_id":"","publishpress_future_action":{"enabled":false,"date":"2024-09-14 01:00:28","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category"},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Renewable Energy World","distributor_original_site_url":"https:\/\/www.renewableenergyworld.com","push-errors":false,"authors":[{"term_id":2343,"user_id":2392029,"is_guest":0,"slug":"philip-wolfe","display_name":"Philip Wolfe","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/d530156bf321fa9b8ee6bbdb77103d94?s=96&d=mm&r=g","user_url":"","last_name":"Wolfe","first_name":"Philip","job_title":"","description":"Philip Wolfe has been in renewables since the 1970\u2019s when he was founder Chief Executive of BP Solar. He led companies in the PV sector until appointed Director General of the Renewable Energy Association from 2003 to 2009. His book on utility-scale solar 'Solar Photovoltaic Projects in the mainstream power market' was published in 2012."}],"_links":{"self":[{"href":"https:\/\/www.renewableenergyworld.com\/wp-json\/wp\/v2\/posts\/333193"}],"collection":[{"href":"https:\/\/www.renewableenergyworld.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.renewableenergyworld.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.renewableenergyworld.com\/wp-json\/wp\/v2\/users\/2392029"}],"replies":[{"embeddable":true,"href":"https:\/\/www.renewableenergyworld.com\/wp-json\/wp\/v2\/comments?post=333193"}],"version-history":[{"count":0,"href":"https:\/\/www.renewableenergyworld.com\/wp-json\/wp\/v2\/posts\/333193\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.renewableenergyworld.com\/wp-json\/wp\/v2\/media\/330408"}],"wp:attachment":[{"href":"https:\/\/www.renewableenergyworld.com\/wp-json\/wp\/v2\/media?parent=333193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.renewableenergyworld.com\/wp-json\/wp\/v2\/categories?post=333193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.renewableenergyworld.com\/wp-json\/wp\/v2\/tags?post=333193"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.renewableenergyworld.com\/wp-json\/wp\/v2\/ppma_author?post=333193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}