SunPower Secures More Than $300M in Project Financing Commitments for Industry-Leading Residential Solar and Storage Lease Programs
RICHMOND, Calif., Feb. 23, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR), (the "Company" or "SunPower"), a leading residential solar technology and energy services provider, today announced that it has secured over $300 million in project financing commitments from funds managed by Apollo (NYSE: APO) (the "Apollo Funds"), ATLAS SP Partners, ("ATLAS SP") and Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE: HASI) ("HASI") for its residential solar and storage lease programs, which will be paid upon installation. The transaction supports SunPower's ability to offer a variety of attractive financing options to its customers, advancing its mission to change the way our world is powered.
- "SunPower's financing agnostic model is a differentiator in the industry and gives customers the ability to choose the best financing product for their needs," said Peter Faricy, SunPower CEO.
- This includes amendments to its existing first lien financing and a second lien term loan from Sol Holding LLC.
- Since 2010, SunPower has provided solar lease financing options to customers through its network of residential solar dealers across the U.S., new home builders where the company holds a market-leading position and direct sales teams.
- SunPower lease contracts made up 73% of SunPower Financial originated volume in the fourth quarter of 2023 compared to 26% in the fourth quarter of 2022.