SunPower Inc. (Nasdaq: SPWR), a solar technology, services, and installation company, announced on Oct. 27, 2026, an expansion in Texas through the acquisition of prime project assets from Houston installer Greenlight Solar, alongside a second strategic partnership with Fort Worth financier SOLRITE Energy.

The moves are intended to expand SunPower's residential solar and storage offerings and accelerate its Virtual Power Plant (VPP) business, in which residential and commercial batteries can sell power.

SunPower Expands Texas Solar Operations With SOLRITE

The expansion adds experienced local talent and operating capabilities to support growth in Texas, which the company describes as a top-3 U.S. solar market.

SunPower will bring its sales, installation, and lifetime warranty support to join with SOLRITE's VPP solution and solar financing capabilities, aiming to serve more customers with a broader platform connected to distributed energy markets.

VPP Business Central to Growth Strategy

Under the partnership, SOLRITE sources projects to SunPower and provides project funding for innovative systems with large batteries connected to a VPP, enabling power sales into the open market.

According to SunPower CEO T. J. Rodgers, that VPP capability provides an extra source of income that SOLRITE shares with homeowners and EPCs, making SOLRITE an attractive partner.

"Texas is currently one of the most compelling solar growth opportunities in the U.S.," Rodgers said in the announcement. "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."

Kapil Rai, EVP of Direct at SunPower, said that building the VPP business 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.

Leadership Changes and Local Talent

The acquisition of assets from Greenlight Solar brings with it a leadership addition: Greenlight CEO James Garrett now leads SunPower's U.S. installation group.

The transaction adds an immediate high-quality installation team in Texas, according to Rodgers, positioning the company to build on the state's solar momentum with local operating capabilities already in place.

About the Companies

SunPower Inc. is a leading residential solar services provider in North America. The company's digital platform and installation services support energy needs for customers wishing to make the transition to a more energy-efficient lifestyle.

SOLRITE Energy, based in Fort Worth, serves as a financier with solar financing capabilities and a VPP solution, while Greenlight Solar is a Houston-based installer.

The announcement was made from Orem, Utah, where SunPower is headquartered. The company contact for the release is Sioban Hickie, VP of Investor Relations.

Forward-Looking Considerations

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

Such statements represent SunPower'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.

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

The company referenced 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.

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