SunPower Secures Over $300M in Financing to Fuel Expansion of Residential Solar and Storage Solutions

SunPower Corp. (Nasdaq:SPWR), an emerging player in the residential solar technology and energy services sector, has successfully secured over $300 million in project financing commitments. This funding, sourced from Apollo Funds, ATLAS SP Partners, and Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI), bolsters SunPower’s capacity to provide residential solar and storage lease programs. The financial infusion is part of a broader strategy that now gives SunPower access to more than half a billion dollars in financing, contingent upon meeting specific funding conditions. This move is pivotal for SunPower’s mission to revolutionize global energy consumption patterns.

The company’s CEO, Peter Faricy, highlighted the significance of this achievement, stating, “SunPower’s financing agnostic model is a differentiator in the industry and gives customers the ability to choose the best financing product for their needs. We believe this new commitment will enable us to better serve our growing base as we can now provide significantly more customers with leases for solar and storage solutions, meet the strong demand for our fastest growing financial product and ultimately expand access to clean energy at scale.”

This financing commitment is expected to enhance SunPower’s ability to offer diverse and attractive financing options, thereby supporting its goal of expanding access to renewable energy.

SPWR shares traded up 1.6 % premarket following the news.

About SunPower
SunPower (NASDAQ:SPWR) is a leading residential solar, storage and energy services provider in North America. SunPower offers solar + storage solutions that give customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners.