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

    February 23, 2024 - by Editor Prism MarketView

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

    23 February 2024

    New York, February 23, 2024 - PRISM MarketView - 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.
    SunPower Corporation - Prism MarketView

    SunPower Corporation - Prism MarketView

    SunPower Corporation delivers solar solutions worldwide. It operates through SunPower Energy Services and SunPower Technologies segments. The company provides s

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    SunPower Secures More Than $300M in Project Financing Commitments for Industry-Leading Residential Solar and Storage Lease Programs

    SunPower Corp. (NASDAQ:SPWR), (the "Company" or "SunPower"), a leading residential solar technology and energy services provider, today announced that it has secured over $300 million in project financing commitments from funds managed by Apollo (NYSE: APO) (the "Apollo Funds"), ATLAS SP Partners, ("ATLAS SP") and Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE: HASI) ("HASI") for its residential solar and storage lease programs, which will be paid upon installation. The transact

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    “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.”

    Peter Faricy, CEO

    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.
    PRISM MarketView does not provide investment advice.
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