SunPower Acquires Greenlight Solar Assets and Partners With SOLRITE to Expand Texas Solar and Virtual Power Plant Business in the US

SunPower Inc. (Nasdaq: SPWR) announced on Oct. 27, 2026, that it is expanding its footprint in Texas through two simultaneous moves: the acquisition of prime project assets from Houston-based installer Greenlight Solar and a strategic partnership with Fort Worth-based financier SOLRITE Energy.

The company, which is headquartered in Orem, Utah, and operates as a solar technology, services, and installation provider, framed the twin announcements as a way to broaden its residential solar and storage offerings while accelerating its Virtual Power Plant (VPP) business, in which residential and commercial batteries can sell power.

SunPower Expands Texas Solar Platform With SOLRITE

Texas, according to SunPower, ranks as a top-3 U.S. solar market, and the company said the transactions add experienced local talent and operating capabilities to support its growth in the state.

Under the combined arrangement, SunPower will contribute its sales, installation, and lifetime warranty support, joining them with SOLRITE's VPP solution and solar financing capabilities. The stated aim is to serve more customers with a broader platform connected to distributed energy markets.

SOLRITE Deal Puts Virtual Power Plants at the Center

The partnership with SOLRITE Energy gives SunPower a defined role in the emerging VPP market. Under the agreement, SOLRITE sources projects to SunPower and provides project funding for systems designed with large batteries connected to a VPP, enabling power sales into the open market.

SunPower CEO T. J. Rodgers said the VPP capability provides an extra source of income that SOLRITE shares with homeowners and EPCs, which in his view makes SOLRITE an attractive partner.

The VPP model, in which aggregated residential and commercial batteries sell power, is the mechanism through which the two companies intend to monetize storage deployments beyond standard bill savings.

Kapil Rai, EVP of Direct at SunPower, emphasized the strategic weight of the arrangement. Building the VPP business, he said, is a key part of SunPower's growth strategy going forward.

"Our partnership with SOLRITE gives us a path to bring together customer acquisition, solar, storage deployment, and financing to develop this business in Texas and beyond," Rai said in the announcement.

Greenlight Acquisition Delivers Installation Team and a New Executive

The asset purchase from Greenlight Solar carries implications beyond project inventory.

Rodgers said Greenlight provides SunPower with an immediate high-quality installation team in Texas, giving the company local operating capabilities already in place as it builds on the state's solar momentum. The transaction also brings a leadership addition.

Greenlight CEO James Garrett now leads SunPower's U.S. installation group, a move that places a Houston-based operator at the head of the company's nationwide installation organization.

"Texas is currently one of the most compelling solar growth opportunities in the U.S.," Rodgers said. "Greenlight provides us not only an immediate high-quality installation team in Texas but also CEO James Garrett himself, who now leads our U.S. installation group."

The Companies Behind the Deals

SunPower Inc. describes itself as a leading residential solar services provider in North America. Its digital platform and installation services support energy needs for customers looking to transition to a more energy-efficient lifestyle. The company's announcement was issued from Orem, Utah, where it is headquartered, with Sioban Hickie, VP Investor Relations, listed as the contact for the release.

SOLRITE Energy, the partnership counterparty, is based in Fort Worth and serves as a financier with solar financing capabilities alongside its VPP solution.

Greenlight Solar, the acquired party, is a Houston-based installer whose prime project assets and team are now part of SunPower's Texas operation.

Together, the three companies span the residential solar value chain in the state: SunPower handles customer acquisition, sales, installation, and lifetime warranty support; SOLRITE contributes financing and VPP-based market participation; and the former Greenlight operation supplies on-the-ground installation capacity led by Garrett.

Forward-Looking Statements and Disclosures

The press release contains forward-looking statements, including statements concerning the equity for interest exchange and related impacts of the transactions.

SunPower noted that such statements represent the company's current beliefs, estimates, and assumptions only as of the date of the press release and are subject to risks, uncertainties, and assumptions, including market risks, trends, and conditions.

The company cautioned readers not to put undue reliance on forward-looking statements and said it assumes no obligation to update or revise them.

SunPower pointed readers to the risks described in the "Risk Factors" section of its annual report on Form 10-K filed with the Securities and Exchange Commission on April 14, 2026, as well as its quarterly reports on Form 10-Q and other SEC filings.