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SunPower Secures $450M Financing Commitment to Meet High Solar Loan Demand

SunPower Secures $450M Financing Commitment to Meet High Solar Loan Demand

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SunPower, a leading residential solar technology and energy services provider, announced that it has secured financing commitments of more than $450 million for its residential solar and storage loan program from HASI, a leading investor in climate solutions, and from Crédit Agricole CIB, a pioneer in sustainable finance. The vehicle will acquire loans made to SunPower customers and is non-recourse to SunPower. Through this transaction, SunPower Financial will continue to provide customers with attractive loan options at tenors up to 25 years for their transition to a cleaner and lower-cost future.

“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,” said Guthrie Dundas, SunPower interim chief financial officer. “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,” said Marc Pangburn, Chief Financial Officer of HASI. “The ongoing growth of our SunStrong joint venture uniquely enables programmatic transactions that support SunPower in delivering affordable clean energy to its customers.”

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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.

U.S. Department of Treasury Issues Inflation Reduction Act Guidance and Bonus Tax Credit Qualification for Residential Lease Projects in Energy Communities

In addition to loans, SunPower has also been a national leader in the provision of solar lease financing to customers through its partnership with HASI. SunPower plans to participate in the new Treasury bonus incentive program through the provision of lease financing to customers in qualified Energy Communities, or areas at the forefront of the energy transition. This is in addition to the recent extension of the 30% solar investment tax credit, from which customers already benefit.

“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,” said Jason MacRae, executive vice president of Financial Products, SunPower. “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.”

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