SunPower has agreed to acquire Ambia Solar, a solar installation company based in Lindon, Utah. SunPower will purchase Ambia for $37.5 in equity. The transaction is expected to close before the end of the year.
According to Ohm Analytics, Ambia is one of the Top 20 solar installers in the country based on megawatts installed. Based on three quarters of actual results and with one month left in Q4’25, Ambia’s 2025 estimated revenue forecast is $83.6 million. The equivalent 2025 estimated revenue forecast for SunPower is $303.4 million.
After the deal closes, Ambia CEO Conner Ruggio will run SunPower’s Blue Raven division, which Ambia will merge into. Ambia spun out of Blue Raven in 2022.
“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, a.k.a. TPO-funded transactions,” said SunPower CEO T.J. Rodgers “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.”
SunPower, the new name of Complete Solar, also acquired in September Sunder Energy, another Utah-based solar installer.
