SUPERIOR, Colo. and SAN JOSE, Calif., Feb. 8, 2010 /PRNewswire/ -- Key Equipment Finance, one of the largest bank-held equipment finance companies in the U.S. and an affiliate of KeyCorp (NYSE: KEY), and SunPower Corp. (NASDAQ: SPWRA)(NASDAQ: SPWRB), a U.S.-based manufacturer of high efficiency solar cells, solar panels and solar systems, today announced a new program to fund up to $50 million in SunPower commercial-scale solar systems.
Under the financing program, Key Equipment Finance will offer capital leases and loans to qualified commercial customers and municipal leases to government entities for the construction of SunPower solar power systems. SunPower and local installers in SunPower's dealer network will design and build the systems. The financing is available for qualified customers in the U.S., for projects ranging from 50 kilowatts to one megawatt.
The program streamlines the purchase process for customers, combining the system and installation costs into one predictable monthly payment and allowing qualifying customers to take advantage of available tax benefits and renewable energy incentives, including the 30 percent federal investment tax credit.
"SunPower is without a doubt an experienced, innovative technology leader developing solar solutions for customers worldwide," said Adam Warner, president of Key Equipment Finance. "The company is focused on maximizing return on investment and making it easier for companies of all types and sizes to acquire solar technology, as evidenced by this partnership. Together with SunPower, we designed this equipment finance program with the customers' budget in mind."
"Key Equipment Finance has extensive experience implementing financing options to meet the needs of small- to mid-sized customers," said Mac Irvin, managing director of SunPower's structured finance group. "We are pleased to leverage their experience to streamline the implementation of clean, renewable solar power for commercial and public customers throughout the U.S., and are confident this program offers SunPower customers and dealers attractive terms and rates."
SunPower has more than 550 large public and commercial solar power systems installed or under contract, representing more than 500 megawatts. There are more than 900 dealers in the global SunPower dealer network.
About SunPower
Founded in 1985, SunPower Corp. (NASDAQ: SPWRA)(NASDAQ: SPWRB) designs, manufactures and delivers the planet's most powerful solar technology broadly available today. Residential, business, government and utility customers rely on the company's experience and proven results to maximize return on investment. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australia and Asia. For more information, visit www.sunpowercorp.com.
About Key Equipment Finance
Key Equipment Finance is an affiliate of KeyCorp (NYSE: KEY) and provides business-to-business equipment financing solutions to businesses of many types and sizes. The company focuses on four distinct markets:
-- businesses of all sizes in the U.S. (from small business to large
corporate);
-- equipment manufacturers, distributors and value-added resellers
worldwide;
-- federal, provincial, state and local governments as well as other
public sector organizations; and
-- lease advisory services for larger structured equipment needs
including single investor and leveraged leases, securitizations, and
structured debt.
Headquartered outside Denver, Colorado, Key Equipment Finance manages nearly $11 billion in assets and originates approximately $3 billion of equipment annually. The company has major management and operations bases in Albany, New York; London, England; Hong Kong, China and Sydney, Australia. The company, which supports clients in over 40 countries, employs approximately 700 people worldwide and has been in the equipment financing business for over 35 years. Additional information regarding Key Equipment Finance, its products and services can be obtained online at www.KEFonline.com.
Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $93.3 billion. BusinessWeek magazine named Key the top bank in its Customer Service Champ 2009 edition, ranking Key 11th out of the top-25 companies that include many known for their customer service acumen. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. For more information, visit https://www.key.com/.
SunPower's Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts and may be based on underlying assumptions. This document uses words and phrases such as "up to," and "will" to identify forward-looking statements in this press release, including forward-looking statements regarding Key Equipment Finance funding, and SunPower designing and building, up to $50 million in systems under the program. Such forward-looking statements are based on information available to SunPower as of the date of this release and involve a number of risks and uncertainties, some beyond its control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as customers qualifying for capital leases and loans under Key Equipment Finance's requirements. These forward-looking statements should not be relied upon as representing SunPower's views as of any subsequent date, and the company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
SunPower is a registered trademark of SunPower Corp. All other trademarks are the property of their respective owners.
First Call Analyst:
FCMN Contact:
SOURCE: SunPower Corp.
CONTACT: Ingrid Ekstrom, Sr. Communications Manager of SunPower Corp.,
+1-510-260-8368, iekstrom@sunpowercorp.com, or Tricia Akins, Vice President of
Key Equipment Finance, +1-720-304-1300, patricia.a.akins@key.com
Web Site: http://www.sunpowercorp.com/