The majority of the solar panels used in SunPower Corporation‘s residential system solutions are sourced from Maxeon Solar.
The sourcing process is based on the terms of the master supply agreement. This agreement, dated February 14, 2022, was amended on December 31, 2022, and November 13, 2023.
In fiscal 2022, SunPower began procuring various modules and components for its residential systems. These were sourced from Waaree Energies Ltd. and Hanwha Qcells through a series of purchase agreements.
Additionally, SunPower entered into a new supply agreement with Maxeon Solar. Signed on December 31, 2022, this agreement covers the purchase of designated residential solar products. These include premium high-efficiency IBC solar panels for fiscal years 2024 and 2025.
The company has also secured domestically assembled panels through its agreements with Hanwha Qcells. These panels are manufactured in Dalton, Georgia.
As a result, SunPower stands to benefit from the Inflation Reduction Act of 2022 (IRA). The IRA offers incentives for corporations using domestic content in third-party owned systems.
SunPower
SunPower is a leading solar energy services and technology provider offering fully integrated solar, storage and home energy solutions to customers primarily in the United States and Canada through a variety of hardware, software and financing options and «Smart Energy» solutions.
Its Smart Energy initiative is designed to add layers of intelligent control to homes, buildings and grids, all customized through easy-to-use customer interfaces.
Overall, SunPower works with its suppliers and partners to ensure supply chain reliability.
Solar Energy
The company continues to diversify its supply base by forging new relationships with single-source parts suppliers to support continuity of supply and new products.
It has also entered into multi-year supply agreements with certain suppliers, under which it has minimum annual purchase obligations.
At the same time, the company has initiated new partnerships with minority-owned business organizations through its 25×25 DE&I initiative, where it is committed to ensuring industry equity and increasing its supplier diversity.