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SunPower secures funding for residential solar lease program

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SunPower has secured funding commitments for its residential solar lease program from Hannon Armstrong Sustainable Infrastructure Capital (Hannon Armstrong) and other suppliers of capital, as well as its new SunPower Equinox system with SunVault storage solar plus storage program.

Through mid-2021, SunPower expects the new fund to help meet anticipated customer demand. The solar loan and cash sale alternatives currently provided by SunPower would be augmented by these appealing consumer funding provisions.

The new fund is organized as a collaboration of leveraged tax equity with a multi-party forward acquisition pledge. Funding commitments for this new fund are made by both new and repeat loan and equity provider groups, which continue to have good long-term partnerships with SunPower and Hannon Armstrong.

Thanks to its strengthened financial structure, SunPower expects the new facility to substantially lower funding costs while continuing the company’s dedication to its customers over the duration of the contract.

“SunPower’s wide array of financing options and our technologically superior solar energy solutions, allow us to continue meeting growing customer demand – and with ongoing revenue streams. Thanks to our financing partners, who share our clean energy future goals, we are able to ensure funding for our customers who might want the choice of leasing for their SunPower solar solution.

Tom Werner, SunPower CEO and chairman of the board. 

“SunStrong, our multi-year programmatic joint venture with SunPower, continues to expand by providing attractive capital solutions designed to support SunPower’s business. We are pleased to build on this platform with a new solar plus storage solution that provides homeowners resiliency during power outages often driven by climate change impacts.”

Jeffrey W. Eckel, Hannon Armstrong Chairman and CEO. 

As well as the sole tax equity investor, BofA Securities, served as the sole structuring and placement agent for the multi-draw term loan.

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