SunPower mulls sale of CIS device, reinforces residential solar placement with Blue Raven offer

Oct 6, 2021 05:20 PM ET
  • United States solar installer SunPower is exploring options for its commercial and also industrial options (CIS) unit as it boosts its residential impact through the purchase of Blue Raven Solar.
SunPower mulls sale of CIS device, reinforces residential solar placement with Blue Raven offer
Image: SunPower

SunPower said the restructuring, which might lead to the sale of CIS, would certainly permit the system to better take advantage of chances such as area solar, front-of-meter storage space as well as facilities regulations tailwinds while optimising resources release for the business's residential and light commercial (RLC) service.

" SunPower is doubling down on residential growth," stated chief executive officer Peter Faricy. "By investing in residential market development and modern technology innovation, we can place solar on even more residences and provide consumers with an unbelievable experience when they choose renewable energy."

The company stated in an update today (Tuesday) that its Q3 essential support metrics are predicted to be listed below the low end of the previous advice ranges, primarily due to CIS project routine delays and also prices as well as the efficiency of its light commercial service.

Publishing its second-quarter results last month, SunPower had actually anticipated Q3 incomes to be within the variety of US$ 325 million as well as US$ 375 million and readjusted EBITDA in between US$ 21 million and also US$ 31 million.

The CIS division increased installs by around 30% year-on-year in Q2, bringing the device's total set up base up to 1GW, while its backlog was greater than 260MW at the end of the quarter.

Blue Raven deal broadening SunPower's footprint

SunPower is paying up to US$ 165 million to obtain residential solar provider Blue Raven, a deal it claims will certainly permit it to offer more consumers in the United States Northwest and Mid-Atlantic areas.

The company proclaimed the corresponding geographic impact of both companies, with Blue Raven currently carrying out more than 90% of its quantity in 14 US states that represent only about 5% of SunPower's sales.

Established in 2014, Utah-headquartered Blue Raven has actually achieved a 93% earnings compound annual growth price with a direct-to-consumer sales and also setup version. In the last year, the firm posted profits of US$ 136 million as well as deployed 40MW of solar.

Blue Raven Chief Executive Officer Ben Peterson, who will sign up with SunPower's executive team, stated the purchase is a "clear win" for both business, adding: "Together we will supply a lot more engaging reasons for home owners to make the switch to clean, renewable resource."

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