Maxeon Solar to finance capacity expansion with share sale

May 18, 2023 10:52 AM ET
  • Singapore-based photovoltaic (PV) panels manufacturer Maxeon Solar Technologies Ltd is wanting to raise regarding USD 157.4 million (EUR 145.5 m) from an upsized public offering of average shares to fund a development of its production capacity.
Maxeon Solar to finance capacity expansion with share sale

The SunPower spin-off revealed the rates of the offering on Wednesday, stating it will offer 5.62 million normal shares at USD 28.00 each rather than the initially prepared 5.1 million units.

In the meantime, Maxeon's minority investor TotalEnergies SE (EPA: TTE) is supplying 1.87 million Maxeon shares instead of 1.7 million systems, though the Singaporean firm will not get any profits from this sale. The French multi-energy team has actually likewise granted the experts a 30-day alternative to buy up to an added 1.12 million ordinary shares on the very same terms and conditions.

The underwritten public offering is anticipated to close on May 19. Prior to the offering, TotalEnergies holds 24.2% of Maxeon's outstanding normal shares as well as TCL Zhonghuan Renewable Energy Technology Co Ltd (SHE:002129), or TZE SG, has concerning 23.7%. The last has meanwhile accepted purchase USD 42 million worth of Maxeon ordinary shares in an exclusive positioning to avoid any product dilution of its current equity position.

Maxeon mentioned it will spend the web proceeds from these deals to support its plan to include step-by-step capacity for the manufacture of Maxeon 7 items and also for general business objectives.

BofA Securities and Morgan Stanley were designated as joint book-running managers and additionally act as reps of the experts for the offering.

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