PVTIME – US solar installer SunPower is accelerating its growth in the residential market and recovery of its business with the proposed acquisition of Utah-based home solar specialist Ambia Solar, marking its second such purchase in just over two months. The company has signed a non-binding letter of intent for the $37.5 million equity deal, which is expected to close in Q4 2025, subject to customary closing conditions.
Ambia is the 19th largest US solar firm by installation volume, and this acquisition follows SunPower’s purchase of Sunder in September 2025. These moves build on SunPower’s revival after it was rescued from bankruptcy by Complete Solaria, which acquired the brand last year and rebranded itself as SunPower earlier in 2025. Together, these acquisitions have more than doubled SunPower’s scale, growing its sales team from 841 to 2,027 members and extending its coverage from 22 to 45 states.
SunPower CEO T.J. Rodgers has outlined the post-acquisition leadership arrangements, noting that Ambia founder and CEO Conner Ruggio will oversee the Blue Raven division, into which Ambia will integrate after spinning off from Blue Raven in 2022. Seasoned executive Steve Erickson, who has turned around Blue Raven over the past year, will lead a newly established Battery Division, which will focus on battery storage and backup power, a key identified sector opportunity.
Rodgers emphasised that the benefits of the acquisition will be fully evident in the first quarter of 2026, when the industry will be facing the end of the residential Solar Investment Tax Credit, which was introduced via the One Big Beautiful Bill Act in July 2025. However, transactions under the third-party ownership model remain unaffected, and analysis firm Wood Mackenzie predicts that this will have a significantly positive impact, as TPO systems will remain eligible for the Section 48X ITC after 2025.
As 72% of Ambia’s existing backlog consists of TPO deals, the acquisition supports SunPower’s financial projections of record revenue and operating profit in Q4 2025, as well as sustained profitability in Q1 2026, despite industry headwinds. This comes at a time when US residential solar installations fell to just under 2.2GW in the first half of 2025, compared to nearly 2.4GW in the same period of 2024.
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