SAN JOSE, Calif.,
Sept. 22, 2020 /PRNewswire/ -- SunPower (NASDAQ:SPWR) today
announced that it has secured financing commitments from Hannon
Armstrong Sustainable Infrastructure Capital, Inc. (Hannon Armstrong) (NYSE:HASI) and other capital
providers for its residential solar lease program, as well as its
new solar plus storage program, SunPower Equinox® system with
SunVault™ storage. SunPower expects the new fund to help meet
expected customer demand through mid-2021. These attractive
customer financing provisions will supplement the solar loan and
cash sale alternatives currently offered by SunPower.
The new fund is structured as a levered tax equity partnership
with a multi-party forward purchase commitment. The financing
commitments for this new fund are being provided by both new as
well as repeat groups of loan and equity providers that continue to
have strong long-term relationships with SunPower and Hannon Armstrong. SunPower expects the new
facility to materially lower financing costs given its improved
capital structure while continuing the company's commitment to its
customers throughout the life of the lease.
"SunPower's wide array of financing options and our
technologically superior solar energy solutions, allow us to
continue meeting growing customer demand – and with ongoing revenue
streams," said Tom Werner, SunPower
CEO and chairman of the board. "Thanks to our financing partners,
who share our clean energy future goals, we are able to ensure
funding for our customers who might want the choice of leasing for
their SunPower solar solution. "
"SunStrong, our multi-year programmatic joint venture with
SunPower, continues to expand by providing attractive capital
solutions designed to support SunPower's business," said
Jeffrey W. Eckel, Hannon Armstrong Chairman and CEO. "We are
pleased to build on this platform with a new solar plus storage
solution that provides homeowners resiliency during power outages
often driven by climate change impacts."
BofA Securities, Inc. acted as the sole structuring and
placement agent for the multi-draw term loan, as well as the sole
tax equity investor.
SunPower has provided solar lease financing options to customers
since 2010 and has offered them through its network of residential
solar dealers in many areas across the U.S., new home builders
where the company holds a market-leading position, and direct sales
teams. Last year, SunPower's U.S. residential business saw annual
deployment growth of more than 15 percent bringing the total number
of American homes with SunPower solar to over 330,000
households.
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 customer financing offerings and
capabilities and expected demand and our ability to meet it. 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, challenges
managing our acquisitions, joint ventures and partnerships,
fluctuations or declines in the performance of our solar panels and
other products and solutions, and potential disruptions to our
operations and supply chain that may result from epidemics or
natural disasters, including impacts of the Covid-19 pandemic. 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 reports on Form 10-K and Form 10-Q, 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.
About SunPower
Headquartered in California's Silicon Valley, SunPower
(NASDAQ:SPWR) is a leading Distributed Generation Storage 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 energy consumption, resiliency during power outages while
providing cost savings to homeowners, businesses, governments,
schools and utilities. For more information, visit
www.sunpower.com.
© 2020 SunPower Corporation. All Rights Reserved. SUNPOWER, the
SUNPOWER logo, SUNPOWER EQUINOXand SUNVAULT are trademarks or
registered trademarks of SunPower Corporation in the U.S. All other
logos and trademarks are properties of their respective owners.
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SOURCE SunPower Corp.