SunPower Secures $450M Financing for Solar Loans
SunPower, a provider of residential solar technology and energy services, has secured over $450 million in financing commitments for its solar and storage loan programme.
The financing comes from HASI, an investor in climate solutions, and Crédit Agricole CIB, a pioneer in sustainable finance.
SunPower Financial will use the funds to acquire loans issued to its customers. The financing is non-recourse to SunPower, and the company will continue to offer customers appealing loan options with terms of up to 25 years, enabling them to shift towards a cleaner and more cost-effective future.
Guthrie Dundas, SunPower's interim CFO, stated that one of their primary value propositions is providing customers with complete freedom in choosing how to purchase their solar and storage systems. SunPower is focused on expanding its financing products to cater to the increasing demand. This new financing agreement also demonstrates the resilience and stability of consumer credit markets in recent times of fluctuating circumstances.
Guthrie expressed his pride in collaborating with financing partners who share their dedication to clean energy and reassured the audience of the availability of resources to fulfill growing demand with appealing loan financing for years to come.
Marc Pangburn, CFO of HASI, expressed his excitement for extending their long-standing partnership with SunPower through investment in residential solar and storage loans, creating more growth opportunities. He highlighted that the continuous expansion of their SunStrong collaboration enables programmatic transactions that support SunPower in offering economical clean energy to its customers.
In 2021, SunPower introduced SunPower Financial™ to simplify the process of transitioning to solar energy. The platform enables customers to purchase solar and other home energy services through a single provider, including design, sales, installation, warranty, and financing. SunPower's loan business witnessed a 99% year-over-year growth in 2022.
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