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The signing of a non-binding letter of intent comes less than two months after the acquisition of Sunder. Image: SunPower.
US solar installer SunPower has continued its expansion in the residential market with the acquisition of Utah-based residential installer Ambia Solar.
The companies have signed a non-binding letter of intent (LOI) for US$37.5 million in equity. The transaction is forecast to be closed in the fourth quarter of 2025, subject to customary closing conditions.
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This is the second residential installer acquisition from SunPower in over two months, after the acquisition of Sunder in September 2025. According to the company, Ambia ranks as the 19th solar company in terms of installed volume.
SunPower continues its revival after the brand was rescued from bankruptcy last year following an acquisition by Complete Solaria, which eventually took on the SunPower name earlier in the year.
The acquisitions of both Sunder and Ambia Solar more than doubles the operations of SunPower – from 841 sales reps to 2,027 – and its presence across the US, from 22 states to 45 states.
“After our deal is closed, Conner Ruggio [Ambia’s founding CEO] will run our Blue Raven division, which Ambia will be merged into – appropriate, given that Ambia spun out of Blue Raven in 2022. Steve Erickson, the SunPower veteran who righted the ship as Blue Raven’s leader over the last year, will take over our new Battery Division, which focuses on battery storage and backup, the biggest opportunity in solar right now,” said SunPower CEO, T.J. Rodgers
Rodgers added that “The tangible benefits of the acquisition after closure will show up fully in Q1’26 financial statements, just when the new industry will be challenged with the ITC loss for homeowners, but not for Third Party Ownership, aka TPO-funded transactions.”
The investment tax credit (ITC) loss for homeowners referred to by Rodgers is one of many changes brought forward by the One Big Beautiful Bill Act (OBBBA) in July 2025, which will negatively impact the US residential solar segment in the coming years, according to analyst Wood Mackenzie.
In its research, Wood Mackenzie highlighted that third-party-owned (TPO) systems would be “a major upside” due to these systems still being eligible for Section 48 ITC after 2025.
“Fortunately, Ambia’s backlog will be 72% TPO at the close. This proposed acquisition reinforces SunPower’s existing financial forecasts to achieve record revenue and operating income in Q4’25, and to remain profitable in the double-jeopardy Q1’26 quarter,” explained Rodgers.
Deployment of residential solar capacity has so far decreased in 2025 compared to the previous year, with less than 2.2GW installed in the first half of 2025. The segment saw nearly 2.4GW additions during the same period in 2024.
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