SunPower Closes $42 Million in Non-Recourse Debt to Finance Residential Solar Lease Program
Innovative Partnership with Hannon Armstrong
ANNAPOLIS, Md. and SAN JOSE, Calif., April 3, 2014 /PRNewswire/ -- Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE: HASI) and SunPower Corp. (NASDAQ: SPWR) today announced an agreement under which HASI will provide $42 million in non-recourse debt to help finance SunPower's residential solar lease program. The transaction allows SunPower to leverage its existing lease assets and expand its program while increasing its cash position and strengthening its balance sheet. More than 20,000 Americans are enrolled in the company's lease program.
"The SunPower Lease program offers our customers financing under highly competitive terms for their SunPower solar panels, the most efficient on the market today. When coupled with our unprecedented level of energy assurance, the SunPower Lease program delivers more value to the homeowner," said SunPower CFO Chuck Boynton. "Among our portfolio of financing options, solar lease remains one of the more popular choices by consumers and our innovative partnership with Hannon Armstrong will allow us to further fund the program's growth this year."
"We are pleased to announce our new relationship with SunPower, facilitating their ability to make rooftop solar power systems accessible to more American homeowners," said Jeffrey Eckel, president and CEO of HASI. "With this investment, we are further diversifying our portfolio of economic, reliable and sustainable distributed energy assets, targeting assets that can produce sustainable yield."
In addition to attractive terms and low monthly payments, the SunPower lease includes one of the solar industry's only direct-from-manufacturer performance guarantees.
About Hannon Armstrong
Hannon Armstrong (NYSE: HASI) makes debt and equity investments in sustainable infrastructure projects. The company focuses on profitable projects that increase energy efficiency, provide cleaner energy, positively impact the environment or make more efficient use of natural resources. HASI targets projects that have high credit quality obligors, fully contracted revenue streams and inherent economic value.
The company, based in Annapolis, MD, has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes beginning with the year ending December 31, 2013. For more information, visit www.hannonarmstrong.com.
SunPower Corp. (NASDAQ: SPWR) designs, manufactures and delivers the highest efficiency, highest reliability solar panels and systems available today. Residential, business, government and utility customers rely on the company's quarter century of experience and guaranteed performance to provide maximum return on investment throughout the life of the solar system. Headquartered in San Jose, Calif., SunPower has offices in North America, Europe, Australia, Africa and Asia. For more information, visit www.sunpower.com.
SunPower is a registered trademark of SunPower Corp. All other trademarks are the property of their respective owners.
SOURCE SunPower Corp.