Solar developer SPI Energy announced that its wholly owned subsidiary SolarJuice American has acquired the consumer contracts of Petersen-Dean, previously one of the largest privately-held roofing and solar companies in the United States. Petersen-Dean filed for Chapter 11 bankruptcy in June 2020.
Petersen-Dean (also branded as PetersenDean and Solar4America) was generating over $300 million in sales annually with favorable profit margins before its bankruptcy announcement. The company attributed its financial woes to the COVID-19 pandemic.
“Our acquisition of these consumer contracts could save thousands of U.S. jobs that were in jeopardy following Petersen-Dean’s Chapter 11 filing in June 2020. This is also a major win for us as we work to accelerate our penetration in the vast U.S. markets and create better renewable products and services for American residential customers,” stated Xiaofeng Peng, Chairman and CEO of SPI Energy.
Founded in 1984, Petersen-Dean was one of the nation’s largest independently owned solar and roofing companies that specialized in new residential construction. At its peak, the company employed nearly 3,000 solar and roofing employees in nine states: Arizona, California, Colorado, Florida, Hawaii, Louisiana, Nevada, Oklahoma and Texas.
According to Solar Power World records, Petersen-Dean performed solar installations in 2019 in California, Hawaii, Nevada and Texas. The large majority of installations came in California, after the company took advantage of the mandate in the state for all new home construction to come with solar. In 2018, Petersen-Dean acquired Hawaii’s largest solar installation company Haleakala Solar, and Hawaii had become Petersen-Dean’s second largest solar market.
SPW is attempting to find more information on where Petersen-Dean customers can get more information about their warranties and contracts.