Solar Provider SunPower Secures $550 Million Loan Purchase Commitment From KKR
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SunPower, a leading residential solar technology and energy services provider, and KKR, a leading global investment firm, announced that they have signed a definitive agreement under which credit funds and accounts managed by KKR will commit to purchasing $550 million of solar energy loans made to SunPower customers. This transaction, which is subject to customary post-closing conditions, will support SunPower Financial’s continued ability to offer attractive loan options to its customers.
“With the closing of this transaction, we have raised sufficient capital year-to-date to fund a total of $1 billion of incremental solar loans for SunPower’s customers. As demand continues to rise, we expect this additional capital will power our loan bookings volume into 2024 and enable SunPower to increase access to the benefits of solar for more homeowners” said Guthrie Dundas, interim CFO of SunPower.
See related article: SunPower Secures $450M Financing Commitment to Meet High Solar Loan Demand
“Residential solar is a key area of focus for our Asset-Based Finance business,” said Avi Korn, Managing Director at KKR. “We look forward to supporting one of the industry’s leading platforms to provide solar and energy services through this transaction.”
SunPower launched SunPower Financial in 2021 to help make switching to solar even easier. With SunPower Financial, SunPower offers a seamless solution for purchasing solar and other home energy services through a single provider, including design, sales, installation, warranty and financing. In 2022, SunPower’s loan business grew 99% year-over-year.