SunPower Secures More Than $300M in Project Financing Commitments for Industry-Leading Residential Solar and Storage Lease Programs
Summary
SunPower Secures More Than $300M in Project Financing Commitments for Industry-Leading Residential Solar and Storage Lease ProgramsBuilds on the recent capital raise to provide SunPower with access to more than half a billion dollars in financingRICHMOND, 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 SunPowers ability to offer a variety of attractive financing options to its customers, advancing its mission to change the way our world is powered. 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 offers solar + storage solutions that give customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners. In addition, in light of these risks and uncertainties, actual results may differ materially from those expressed in the forward-looking statements contained in this release.