In November 2019, SunPower made the initial announcement of splitting its operations to form two different entities and creating Maxeon Solar Technologies with the help of a $298-million investment by its long-term partner Tianjin Zhonghuan Semiconductor. Rationale Behind the Planned Spin-off The global solar industry is poised to witness a period of extended growth, led by the rapidly growing opportunities for solar energy. Per a report by the International Renewable Energy Agency (IRENA), global electricity generation from solar energy is expected to increase to nearly 360 GW per year by 2050 from the current level of 109 GW.