U.S. solar company SunPower said on Monday it would split into two publicly trad...
FILE PHOTO: SunPower Corporation, headquartered in Silicon Valley recently acquired SolarWorld Hillsboro manufacturing plant is seen in Hillsboro, Oregon, U.S., November 7, 2018. REUTERS/Steve Dipaola
The spin off comes as America’s biggest solar power developers, including SunPower, have been stockpiling panels to meet the increased demand from a 30% federal tax credit to buyers that will start phasing out next year.The companies will be called SunPower and Maxeon Solar Technologies, SunPower said, adding that it will maintain its corporate headquarters in Silicon Valley and that Chief Executive Officer Tom Werner will continue in his position.
At the time of separation, expected to be completed in the second quarter of 2020, the two businesses will enter into a multi-year exclusive supply agreement covering sales within the United States and Canada of products manufactured by Maxeon Solar.
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