Recently, US solar installer SunPower announced it has signed a non-binding letter of intent to acquire Utah-based residential solar installer Ambia Solar for $375 million in stock. This marks its second acquisition within just over two months, with the deal expected to close in the fourth quarter of 2025.
The acquisition target, Ambia Solar, ranks as the 19th largest solar company in the US by installation volume. Combined with the acquisition of Suner in September, SunPower has effectively doubled its business scale: its sales force has grown from 841 to 2,027 people, and its geographic coverage has expanded from 22 states to 45, achieving near-nationwide coverage across major US markets.
These moves are key steps in SunPower’s recovery strategy. Last year, the brand was acquired by Complete Solaria, averting bankruptcy, and it completed a rebranding and initiated business restructuring earlier this year. CEO T.J. Rogers revealed that Ambia will be integrated into its Blue Raven division, to be led by Ambia founder Connor Ruggiero.
This acquisition is also driven by anticipation of policy changes. The upcoming Ocean-Building a Better Beautiful America (OBBBA) Act in July 2025 will cancel the Investment Tax Credit (ITC) for residential solar. Wood Mackenzie predicts this will have a sustained negative impact on the industry. However, the firm also notes that the Third-Party Ownership (TPO) model still qualifies for the Section 48X ITC, making it a potential “safe harbor” for the sector.
Rogers disclosed that 72% of Ambia’s current order backlog utilizes the TPO model, which is expected to support the company’s goal of “achieving record revenue and operating profit in Q4 2025 and maintaining profitability in Q1 2026.” The industry is currently in a adjustment phase; US residential solar新增装机 (newly installed capacity) in the first half of 2025 was less than 2.2 GW, down from 2.4 GW in the same period of 2024.
Industry analysts suggest that SunPower’s strategy of using acquisitions to rapidly achieve nationwide market coverage and secure TPO resources not only mitigates policy risk but also paves the way for expanding into the energy storage business. Its recovery path may serve as a reference for the broader industry.
