SunPower Locks Down Financing Commitments for Solar Leases

• SunPower has secured funding dedications from Hannon Armstrong Sustainable Infrastructure Capital Inc. and also various other resources companies for its property solar lease program, as well as its new solar+ storage space program-- the SunPower Equinox system with SunVault storage space.

SunPower expects the new fund to assist fulfill expected consumer need with mid-2021. These consumer financing provisions will supplement the solar funding as well as cash money sale options presently provided by SunPower.

The brand-new fund is structured as a levered tax equity collaboration with a multi-party forward acquisition dedication. The funding commitments for this new fund are being provided by both new in addition to repeat teams of financing as well as equity providers that remain to have long-term partnerships with SunPower and Hannon Armstrong. SunPower anticipates the new facility to materially reduced financing prices given its better capital framework while proceeding the firm's dedication to its consumers throughout the life of the lease.

" SunPower's vast variety of financing alternatives and also our highly exceptional solar energy services, permit us to proceed satisfying growing customer need-- and with ongoing income streams," says Tom Werner, chairman of the board and CEO of SunPower. "Thanks to our financing partners, who share our tidy energy future goals, we are able to make certain funding for our customers that could want the selection of leasing for their SunPower solar remedy. "

BofA Securities Inc. served as the single structuring as well as positioning representative for the multi-draw term financing, in addition to the sole tax obligation equity financier.

SunPower has given solar lease financing alternatives to customers since 2010 and has used them via its network of domestic solar dealerships in many areas throughout the U.S., new home contractors and direct sales groups. Last year, SunPower's U.S. household company saw annual deployment development of greater than 15% bringing the overall number of U.S. residences with SunPower solar to over 330,000 homes.