Maxeon Solar secures USD 325m in fresh funds

SunPower's fifth-generation Maxeon solar cells (right). Source: SunPower

Solar cell and panel maker Maxeon Solar Technologies Pte Ltd has raised USD 200 million (EUR 175m) gross in a green convertible senior notes offering and obtained a USD-125-million working capital loan.

The company, which is a spin-off of SunPower Corp (NASDAQ:SPWR), said that the gross proceeds from the notes offering exceeded the initially offered amount as the purchasers exercised an over-allotment option for an additional USD 15 million. The net proceeds that Maxeon will get amount to USD 151.7 million.

The 6.50% green convertible senior notes that were issued are due in 2025.

As per the new loan agreement, the company has secured a USD-55-million term loan facility, a USD-50-million working capital facility and an additional USD-20-million term loan facility. Each of them matures on July 14, 2023.

This fundraising initiative satisfies the debt financing conditions for Maxeon’s split from SunPower.

"This innovative convertible issuance and securing the borrowing capacity under the loan facilities were some of the final steps needed to complete this transaction, which we expect to close this quarter," said Tom Werner, SunPower CEO and chairman of the board.

(USD 1.0 = EUR 0.875)

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