RICHMOND, Calif. - SunPower Corp. (NASDAQ:SPWR), a prominent residential solar technology and energy service provider, has announced securing over $300 million in project financing commitments. These funds, managed by Apollo (NYSE: APO), ATLAS SP Partners, and Hannon Armstrong (NYSE:HASI) Sustainable Infrastructure Capital, Inc. (NYSE: HASI), will bolster SunPower's residential solar and storage lease programs upon installation.
Today's announcement comes as a significant boost to SunPower's financing options for customers, reinforcing its commitment to making clean energy more accessible. The financing commitments, alongside a recent capital raise, give SunPower access to over half a billion dollars in capital, subject to meeting specific funding conditions.
Peter Faricy, CEO of SunPower, highlighted the company's financing-agnostic model as a key differentiator in the industry, allowing customers to select the most suitable financing product for their needs. According to Faricy, this new funding will enable SunPower to better serve its expanding customer base by providing more leases for solar and storage solutions.
The sentiment was echoed by Olivia Wassenaar, Head of Sustainability and Infrastructure at Apollo, who expressed satisfaction in supporting SunPower's efforts to deliver solar and storage solutions nationwide. She emphasized Apollo's integrated approach to clean energy investing, which played a crucial role in structuring this financing solution.
SunPower has been offering solar lease financing since 2010 through a network of residential solar dealers, new home builders, and direct sales teams in the U.S. The company reported that lease contracts accounted for 73% of SunPower Financial originated volume in the fourth quarter of 2023, a significant increase from 26% in the same period of 2022.
This press release includes forward-looking statements regarding SunPower's ability to offer attractive financing options and its expectations for future growth and industry trends. However, these statements are subject to risks and uncertainties that could cause actual results to differ materially.
Investors should note that this article is based on a press release statement from SunPower Corp. and does not constitute an endorsement of the company's claims.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.