RICHMOND, Calif., May 3, 2023 /PRNewswire/ -- SunPower (NASDAQ:SPWR), a leading residential solar technology and energy services provider, and KKR (NYSE: KKR), a leading global investment firm, today announced that they have signed a definitive agreement under which credit funds and accounts managed by KKR will commit to purchasing $550 million of solar energy loans made to SunPower customers. This transaction, which is subject to customary post-closing conditions, will support SunPower Financial's continued ability to offer attractive loan options to its customers.
"With the closing of this transaction, we have raised sufficient capital year-to-date to fund a total of $1 billion of incremental solar loans for SunPower's customers. As demand continues to rise, we expect this additional capital will power our loan bookings volume into 2024 and enable SunPower to increase access to the benefits of solar for more homeowners" said Guthrie Dundas, interim CFO of SunPower.
"Residential solar is a key area of focus for our Asset-Based Finance business," said Avi Korn, Managing Director at KKR. "We look forward to supporting one of the industry's leading platforms to provide solar and energy services through this transaction."
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.
SunPower is a leading solar and energy services provider in North America. SunPower offers solar + storage solutions designed and warranted by one company that give customers control over electricity consumption and resiliency during power outages while providing cost savings. For more information, visit www.sunpower.com.
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.
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.