U.S. solar giant SunPower (SPWR.US) filed for bankruptcy and began to wind down its business.

SunPower, the US solar giant, has filed for bankruptcy in Delaware and plans to wind down its operations, ending the long run of a once-venerated American solar company.

The rooftop solar company listed $1 billion to $10 billion in assets and liabilities in its Chapter 11 bankruptcy filing in Delaware, and its largest shareholder is French energy giant TotalEnergie.

In a statement Monday night, the company also agreed to sell its Blue Raven Solar division and its new residential business to Complete Solaria Inc. for $45 million, and it asked the court to approve the deal by the end of September.

“The proposed transaction provides an important opportunity for the core of our business to continue under new ownership,” said Tom Werner, SunPower’s chief executive, in a statement. “We are working diligently to find a long-term solution for the remaining business segments while continuing to focus on supporting our valued employees, customers, distributors, contractors and partners.”

The US solar industry has been weighed down by high interest rates and subsidy changes in its largest market, California, and by expectations of a big jump in growth under the 2022 landmark climate law signed by President Biden. SunPower has also faced its own struggles, including a 2023 credit agreement default and restated earnings. This year, the company has changed chief executives, reorganized its business and lost a chief accounting officer.

SunPower was founded in 1985 and long prided itself on producing the industry’s best solar panels, but it divested its manufacturing business in 2020 to focus on a surge in rooftop solar installations. That bet quickly unraveled as inflation and high interest rates pushed up consumer costs. Meanwhile, the company’s own corporate struggles hampered its operations.

The company notified its distributors on July 17 that it would stop installing and shipping new equipment. Analysts interpreted the move as a signal that the company was shutting down, prompting some analysts to pause coverage of the company or to set a target price of $0.