SunPower Wins Approval to Sell Business to Complete Solaria

SunPower Corp. has won bankruptcy court approval to sell its solar panel business to rival Complete Solaria Inc. for $45 million.

The sale includes SunPower’s direct-to-consumer unit, Blue Raven, as well as the bankrupt company’s new home business, according to court documents. Complete Solaria said Tuesday that the transaction is expected to close on or before Sept. 30 and will result in the transfer of about 1,000 SunPower employees.

SunPower first received approval from Judge Craig Goldblatt to sell its assets to Complete Solaria last month. The offer was in the form of a stalking horse, meaning Complete Solaria’s offer ...