SunPower secures $450 million financing commitment for solar loans

By Wendy Van Sickle

Columbus, Ohio, April 12 – SunPower secured financing commitments of more than $450 million for its residential solar and storage loan program from HASI and Credit Agricole CIB, according to a news release.

The vehicle will acquire loans made to SunPower customers and is non-recourse to SunPower.

Through this transaction, SunPower Financial will continue to provide customers with loans at tenors up to 25 years for their transition to a cleaner and lower-cost future.

“Among our leading value propositions is full consumer choice when it comes to how our customers purchase our solar and storage systems. ... This new transaction also illustrates the health and resilience of consumer credit markets during the recent period of shifting conditions,” said Guthrie Dundas, SunPower interim chief financial officer in the release.

SunPower is a San Jose, Calif.-based provider of high-efficiency solar cells, solar panels and solar systems.

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