Palm Desert-based solar installer Renova Energy sent a letter to all customers last week saying it will temporarily halt all operations in California and Arizona after SunPower, one of its partial investors, limited its own operations.
Renova CEO Vincent Battaglia emphasized in the letter that the halt is temporary and would be remedied in the coming weeks, “once our partners/debtors take proper steps.” But SunPower stock has fallen 73% in a week, with analysts predicting this is the beginning of a “winddown process” for SunPower, according to Yahoo Finance.
SunPower is also a partial investor in residential solar companies Freedom Solar Power, Sea Bright Solar and Empower Solar.
Renova’s operational pause letter via Reddit.
