SunPower Secures $450 Million To Meet High Solar Loan Demand In US

North American solar power giant SunPower has secured financing commitments of more than $450 million for its residential solar and storage loan program in the US from HASI and from Crédit Agricole CIB. The vehicle will acquire loans made to SunPower customers and is non-recourse to SunPower.

Through this transaction, SunPower Financial will continue to provide American customers with loan options at tenors up to 25 years.

HASI claims to be a leading climate positive investment firm that actively partners with clients to deploy real assets that facilitate the energy transition. Crédit Agricole CIB calls itself a pioneer in sustainable finance.

“Among our leading value propositions is full consumer choice when it comes to how our customers purchase our solar and storage systems. We continue to build and strengthen our suite of world-class financing products to meet growing demand. 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.

Marc Pangburn, Chief Financial Officer, HASI, stated, “The ongoing growth of our SunStrong joint venture uniquely enables programmatic transactions that support SunPower in delivering affordable clean energy to its customers.”

The Firm launched SunPower Financial in 2021 to help make switching to solar even easier. With this service, SunPower offers a seamless solution for purchasing solar and other home energy services through a single provider, including design, sales, installation, warranty and financing. In 2022, the loan business of the firm grew 99% year-over-year.

In September, 2022, Global furniture store owner IKEA US has teamed up with SunPower to make home solar energy solutions easier to access in select California locations. Customers could learn more about home solar offering in IKEA California stores and then work directly with the solar finance company to access solar energy packages developed specifically for IKEA family loyalty members.

SunPower plans to participate in the new Treasury bonus incentive program through the provision of lease financing to customers in qualified Energy Communities, or areas at the forefront of the energy transition.