SunPower, a leading US residential PV company, has secured a massive $550 million loan from global investment firm KKR to expand its loan-based facility for solar PV systems adoption and installation. The financing will purchase solar energy loans made to SunPower customers and allow SunPower Financial, the company's loan-based facility, to continue its operations.
This is the second such deal that SunPower has inked this year, after it secured $450 million in loan purchases last month to finance the loan program. The total available facility now sits at around $1 billion, providing enough capital to fund a total of $1 billion of incremental solar loans for SunPower's customers.
“With the closing of this transaction, we have raised sufficient capital year-to-date to fund a total of $1 billion of incremental solar loans for SunPower's customers. As demand continues to rise, we expect this additional capital will power our loan bookings volume into 2024 and enable SunPower to increase access to the benefits of solar for more homeowners,” said Guthrie Dundas, interim CFO of SunPower.
SunPower has been investing in its Californian operations and supply to capitalize on the flurry of rooftop solar adoption it foresaw ahead of the implementation of the NEM 3.0 net metering policy last month. In January, the company extended its module supply deal with Maxeon, its partner company, to ensure it can keep up with demand.
“The US rooftop market is growing and set to continue doing so, with a March report saying that 77% of US homeowners either own rooftop systems or would consider installing them. SunPower's financial results at the end of 2022 reflected this trend,” stated ChatGPT, an AI language model.
This funding boost will allow SunPower to continue providing affordable loans to homeowners and businesses that want to switch to solar energy, helping to support the growing demand for clean energy in the US. With the added financial support from KKR, SunPower is well-positioned to accelerate the transition to a more sustainable future.
