SunPower Further Delevers Balance Sheet With 2021 Convertible Bond Retirement
SunPower Corp. (NASDAQ:SPWR) announced the full retirement of its 2021 convertible bond, significantly improving its balance sheet and reducing recourse debt. CEO Peter Faricy highlighted that this financial maneuver enhances the company's flexibility to seize new growth opportunities, particularly in the residential market. He emphasized the untapped potential in the solar industry, noting that less than 3% of U.S. homes currently utilize solar energy. SunPower continues to focus on providing reliable and affordable solar and storage solutions.
- Full retirement of the 2021 convertible bond reduces recourse debt.
- Improved balance sheet enhances flexibility for growth opportunities.
- CEO emphasizes significant potential in the U.S. solar market.
- None.
SAN JOSE, Calif., June 2, 2021 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR), 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.
About SunPower
Headquartered in California's Silicon Valley, SunPower (NASDAQ:SPWR) is a leading Distributed Generation Storage and Energy Services provider in North America. SunPower offers the only solar + storage solution designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners, businesses, governments, schools and utilities. For more information, visit www.sunpower.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to anticipated return on invested capital, our anticipated ability to quickly capitalize on new growth opportunities, our expansion and investment plans, and market opportunity. These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: (1) potential disruptions to our operations and supply chain that may result from epidemics or natural disasters, including impacts of the Covid-19 pandemic; (2) competition in the solar and general energy industry and downward pressure on selling prices and wholesale energy pricing; (3) regulatory changes and the availability of economic incentives promoting use of solar energy; (4) risks related to the introduction of new or enhanced products, including potential technical challenges, lead times, and our ability to match supply with demand while maintaining quality, sales, and support standards; (5) changes in public policy, including the imposition and applicability of tariffs; and (6) challenges managing our acquisitions, joint ventures and partnerships, including our ability to successfully manage acquired assets and supplier relationships. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpower.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.
©2021 SunPower Corporation. All Rights Reserved. SUNPOWER and the SUNPOWER logo are registered trademarks of SunPower Corporation in the U.S.
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SOURCE SunPower Corp.
FAQ
What recent financial move did SunPower Corp. make regarding its convertible bond?
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