Maxeon is set to invest in a 2 GW solar module manufacturing factory in the US
It will be located in Albuquerque, New Mexico with manufacturing to begin in early 2026
The company is also selling its non-US assets, including the Philippines manufacturing business, to China’s TCL Group
Singapore-headquartered solar PV manufacturer Maxeon Solar Technologies has announced a 2 GW solar panel manufacturing factory in Albuquerque, New Mexico in the US as part of its strategic restructuring wherein the focus of the company henceforth will only be on the US market for its utility, residential and commercial segments.
It has executed a 5-year lease for an existing building in Albuquerque, where it plans to begin manufacturing in early 2026. This will create a strong platform for the company to drive growth and profitability, it explained.
“Assuming successful financing, this site will allow Maxeon to rapidly deploy a 2 GW module assembly facility while we continue to evaluate our longer-term objective of also establishing solar-cell manufacturing capacity,” shared Maxeon CEO George Guo.
In August 2023, Maxeon had announced plans to develop a 3 GW solar cell and 3 GW module manufacturing factory in Albuquerque’s Mesa Del Sol to produce shingled cell Performance Line solar modules, which was to begin construction in Q1 2024 (see Maxeon Picks New Mexico For New Solar Fab).
In its strategic restructuring, Maxeon has also agreed to sell the sales and marketing wing for its EMEA, APAC and LATAM markets to TCL Technology Group, the parent company of its majority shareholder TCL Group. It will now restructure the business into a new solar solutions business unit called TCL SunPower International.
TCL also bags Maxeon’s manufacturing operations in the Philippines for which the latter has agreed in principle to sell. Both companies will sign definitive agreements by the end of 2024.
Divested of these business divisions, Maxeon says it will continue to operate as an independent, publicly traded NASDAQ listed company.
“Outside of the U.S., TCL SunPower plans to provide innovative, sustainable solar solutions for both homeowners and businesses," said TCL Group President and COO Kevin Wang. “These would include SunPower branded solar solutions sold via the existing SunPower branded exclusive installation partners, as well as TCL Solar products sold through distribution channels.”
Maxeon’s decision to focus exclusively on the US market follows the company’s Mexico-produced modules detained by the US Customs and Border Protection (CBP) for allegedly not proving its compliance with the Uyghur Forced Labor Prevention Act (UFLPA).
While the manufacturer continues to stress that it is in compliance and follows it up with the authorities, this delay in reaching its largest market prompted the company to pull back its FY 2024 guidance (see Maxeon Withdraws FY 2024 Guidance After Gross Loss In Q2).