US solar company SunPower has been shifting its focus to the US residential sector, raising US$300 million in funding and announcing the departure of its CEO. However, questions remain about the company’s financial viability as it struggles to meet demand for new solar projects and makes expansion less financially profitable. The company had to restate some of its previous financial statements due to overstated equipment inventory, leading to a delay in filing its financials and a breach of a credit agreement in December 2023. This has led to financial struggles for SunPower, which posted a net loss of US$247 million in the 2023 financial year and its fourth consecutive quarter of declining new customer additions. Last month, SunPower announced the departure from its CEO, Peter Faricy, and added a new chief revenue officer and executive vice president, Tony Garzolini, but the CEO position remains vacant.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
