SAN JOSE, Calif., June 17, 2020 /PRNewswire/ -- SunPower Corp.
(NASDAQ:SPWR) today announced the closing of a new program with
Bank of the West which will provide SunPower Commercial dealers a
new financing option as part of a one-stop-shop complete
solution.
Bank of the West contracts and servicing will be private-labeled
as SunPower Commercial Capital which will reinforce a cohesive
customer experience.
"This new financing program will provide timely liquidity to
help our Commercial dealers offer customers attractive returns on
solar, without large upfront capital outlays, which is especially
important in a tough economic market," said Tom
Werner, SunPower Corp. CEO and chairman of the board. "This
effort, similar to our successful program in our Residential dealer
channel, also enhances our one-stop shop complete solutions
approach where small commercial customers will now have the benefit
of SunPower's industry-leading Helix® Roof and Carport solar
systems, award-winning Helix Proposal® software and now
highly-competitive operating and capital lease financing."
"We are thrilled to team up with SunPower to bring innovative
and sustainable energy solutions to customers," said Tristan Watkins, executive vice president, Bank
of the West Equipment Finance. "Bank of the West is taking action
to finance a sustainable tomorrow and I'm proud to extend our
impact by working with SunPower to deliver simple, and flexible
financing solutions to their channel partners and commercial
clients."
SunPower's Leading Commercial Direct Business
SunPower
is ranked as the number one Commercial direct solar solutions
provider in the U.S. for capacity and has been for the past three
years running. Additionally, the company was recently awarded
$26.7 million in funding made
available under the California Public Utility Commission's
Self-Generation Incentive Program (SGIP) Equity budget, which
provides rebates for qualifying distributed energy systems
installed on the customer's side of the utility meter.
"For the past five quarters, SunPower has led SGIP reservations,
reinforcing the new business that we've signed and our leadership
role in commercial storage," Werner added. "With our new Equity
program awards, we plan to provide approximately 36 megawatt hours
of energy storage systems across 21 sites for customers in
disadvantaged communities targeted by the program."
SunPower has a strong network of qualified, professional and
certified installers for commercial solar systems, panels and
electricity needs. They are trained to the highest standards and
reliably deliver systems designed to produce more solar electricity
for the life of the system. To learn more about SunPower's complete
Commercial solar solutions, visit www.sunpower.com.
About SunPower
As one of the world's most innovative
and sustainable energy companies, SunPower (NASDAQ:SPWR) provides a
diverse group of customers with complete solar solutions and
services. Residential customers, businesses, governments, schools
and utilities around the globe rely on SunPower's more than 30
years of proven experience. From the first flip of the switch,
SunPower delivers maximum value and superb performance throughout
the long life of every solar system. Headquartered in Silicon
Valley, SunPower has dedicated, customer-focused employees
in Africa, Asia, Australia, Europe, and North
and South America. For more information about how SunPower is
changing the way our world is powered,
visit www.sunpower.com.
About Bank of the West
At Bank of the West, we know money deposited in a bank has the
power to finance positive change. So we are taking action to ensure
our activities help protect the planet, improve people's lives, and
strengthen communities. We are redefining banking for a better
future by focusing on areas where we believe we can have a real
impact: supporting energy transition, helping enable women
entrepreneurs, and financing innovative start-ups. As the bank for
a changing world, Bank of the West is committed to sustainable
finance along with our parent company BNP Paribas. Through Digital
Channels and offices across the U.S., Bank of the West provides
financial tools and resources to more than 2 million individuals,
families and businesses. Visit www.bankofthewest.com
© 2020 Bank of the West. Member FDIC. Equal Housing Lender.
Doing business in South Dakota as
Bank of the West California.
Forward-Looking Statements
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 project plans and timelines,
product performance, 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, performance, or achievement 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.
© 2020 SunPower Corporation. All Rights Reserved. SUNPOWER and
the SUNPOWER logo are registered trademarks of SunPower Corporation
in the U.S. and other countries as well. Other logos and trademarks
are the properties of their respective owners.
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SOURCE SunPower Corp.