SunPower, a residential solar technology and energy services provider, secured financing commitments of more than $450 million for its residential solar and storage loan program from HASI, an investor in climate solutions, and Crédit Agricole CIB. The vehicle will acquire loans made to SunPower customers and is non-recourse to SunPower.
“Among our leading value propositions is full consumer choice when it comes to how our customers purchase our solar and storage systems. We continue to build and strengthen our suite of world-class financing products to meet growing demand. This new transaction also illustrates the health and resilience of consumer credit markets during the recent period of shifting conditions,” Guthrie Dundas, interim CFO of SunPower, said. “We are proud to work with financing partners who share our commitment to clean energy and feel confident that we have access to the capacity to meet growing demand with attractive loan financing for years to come.”
“We are thrilled to expand our long-standing partnership with SunPower by investing in residential solar and storage loans, further increasing our growth opportunity,” Marc Pangburn, CFO of HASI, said. “The ongoing growth of our SunStrong joint venture uniquely enables programmatic transactions that support SunPower in delivering affordable clean energy to its customers.”
“The new guidance is a great opportunity to ensure many more Americans receive the critical bill savings and job growth benefits residential solar and battery storage provide,” Jason MacRae, executive vice president of financial products at SunPower, said. “We continue to work with our financing partners to grow SunPower’s lease financing facilities in anticipation of continued strong customer demand, which is further boosted by this bonus credit.”
