Maxeon says it is committed to building massive Albuquerque facility despite financial losses, policy uncertainty

Despite Maxeon Solar Technologies’ financial struggles and external developments related to the current presidential administration, the company says it is holding firm in building a massive manufacturing site in Albuquerque.

“Maxeon remains committed to building a resilient U.S. manufacturing base, with the Albuquerque facility as a key component of that strategy,” Maxeon spokesperson Forrest Monroy wrote in an email to the Journal in early October.

The Singapore-based solar company announced in 2023 its plans to build a $1 billion, 1.9 million-square-foot facility in Albuquerque’s Mesa del Sol. The proposed building would be used for solar panel assembly and fabrication of photovoltaic cells, and could bring 1,800 jobs to the area.

Maxeon, which branched off from U.S.-based SunPower Corp., originally anticipated construction would begin last year and have an operational facility by 2025.

But the company has yet to break ground on the project and has been slow to share details.

Steve Chavez, managing partner of Mesa del Sol Investments, said that while no building construction has started, Maxeon has begun working on facility infrastructure and completed environmental and geotechnical assessments.

Chavez said he and Maxeon officials had a “good conversation” on Monday, adding that the company is “reengaging in land and infrastructure discussions.”

However, developments under President Donald Trump’s “One Big Beautiful Bill Act,” Monroy said, have introduced new “uncertainties regarding eligibility for clean energy incentives and domestic content rules.”

In response, Maxeon is evaluating alternatives for the facility, including potential ownership adjustments, supply chain structures and project timelines, Monroy said.

Max Gruner, Albuquerque economic development director, declined to comment but said the city would have more to share in the coming weeks.

Local and state governments have pitched millions of dollars in economic incentives for Maxeon to set up shop in Albuquerque.

In August, the company filed financial results for the first half of 2025. Maxeon reported revenue of $39 million in the six months ending June 30, a significant drop from the six months ending in June 2024, when it brought in $371 million. Shares of Maxeon were trading at $3.55 on Friday, down nearly 60% year to date.

According to previous Journal reporting, Maxeon has experienced shipping delays and blocks on U.S. imports over the past year. Challenges stem from the company’s battle with U.S. Customs and Border Protection over an alleged lack of documentation to prove compliance with forced labor regulations, which Maxeon has denied.

The company has also seen its share of corporate changes over the past year, appointing George Guo to CEO in October 2024 and selling its non-U.S. business to TCL Technology Group late last year.

In November 2024, Maxeon strayed from its plans to build the facility on its original timeline, instead signing a five-year lease on a former Honeywell building in Albuquerque, where it said it would begin solar module assembly in 2026. It is unclear if that facility is up and running, though it looked empty on a recent weekday afternoon.

“While foundational work has begun, major capital deployment is being paced to align with evolving policy clarity,” Monroy said. “We will continue to engage with stakeholders and provide updates as our plans mature.”