RICHMOND, Calif., April 12, 2023 /PRNewswire/ -- SunPower (NASDAQ:SPWR), a leading residential solar technology and energy services provider, today announced that it has secured financing commitments of more than $450 million for its residential solar and storage loan program from HASI (NYSE: 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."
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."
Treasury guidance can be accessed at https://www.irs.gov/pub/irs-drop/n-23-29.pdf.
SunPower is a leading solar and energy services provider in North America. SunPower offers the only solar + storage solution designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings. For more information, visit www.sunpower.com.
HASI (NYSE: HASI) is a leading climate positive investment firm that actively partners with clients to deploy real assets that facilitate the energy transition. With more than $9 billion in managed assets, our vision is that every investment improves our climate future. For more information, please visit www.hasi.com.
About Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB)
Crédit Agricole CIB is the corporate and investment banking arm of Credit Agricole Group, the 10th largest banking group worldwide in terms of balance sheet size (The Banker, July 2022). More than 8,900 employees across Europe, the Americas, Asia-Pacific, the Middle East and Africa support the Bank's clients, meeting their financial needs throughout the world. Crédit Agricole CIB offers its large corporate and institutional clients a range of products and services in capital markets activities, investment banking, structured finance, commercial banking and international trade. The Bank is a pioneer in the area of climate finance, and is currently a market leader in this segment with a complete offer for all its clients. For more information, please visit www.ca-cib.com.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding expected business plans, customer financing offerings and capabilities, expected demand and our ability to meet it, and cost savings. These forward-looking statements are based on our current assumptions, expectations, and beliefs and involve substantial risks and uncertainties that may cause results to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, regulatory changes and the availability of economic incentives promoting use of solar energy and fluctuations or declines in the performance of our solar panels and other products and solutions. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent report on Form 10-K, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpowercorp.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.
SOURCE SunPower Corp.