Maxeon Solar Technologies announced a major strategic restructuring, signing two term sheets with TCL Group to reshape its global business portfolio. The company plans to focus exclusively on the US market, where it will establish a 2 GW solar panel manufacturing facility in Albuquerque, New Mexico, scheduled to begin operations in early 2026.Under the first term sheet, TCL will acquire Maxeon's non-US distributed generation business across multiple jurisdictions in EMEA, APAC, and LATAM regions. The second term sheet outlines TCL's acquisition of SunPower Philippines Manufacturing Ltd (SPML) and related Philippine assets. The purchase prices will be determined through independent valuations, with initial installments of $10 million and $30 million respectively.The transactions, expected to be finalized by December 31, 2024, will create TCL SunPower International as a new global solar solutions company while enabling Maxeon to strengthen its US-focused business platform. The deals are subject to definitive agreements, board approvals, regulatory clearances, and other customary closing conditions.

Maxeon Solar Technologies announced a major strategic restructuring, signing two term sheets with TCL Group to reshape its global business portfolio. The company plans to focus exclusively on the US market, where it will establish a 2 GW solar panel manufacturing facility in Albuquerque, New Mexico, scheduled to begin operations in early 2026.Under the first term sheet, TCL will acquire Maxeon's non-US distributed generation business across multiple jurisdictions in EMEA, APAC, and LATAM regions. The second term sheet outlines TCL's acquisition of SunPower Philippines Manufacturing Ltd (SPML) and related Philippine assets. The purchase prices will be determined through independent valuations, with initial installments of $10 million and $30 million respectively.The transactions, expected to be finalized by December 31, 2024, will create TCL SunPower International as a new global solar solutions company while enabling Maxeon to strengthen its US-focused business platform. The deals are subject to definitive agreements, board approvals, regulatory clearances, and other customary closing conditions.