SunPower Secures $300 mn in Financing for Residential Solar Programs

By Editor


SunPower has secured over $300 million in project financing commitments aimed at bolstering its residential solar initiatives.

The financing, provided by funds managed by Apollo, Atlas SP Partners, and Hannon Armstrong Sustainable Infrastructure Capital, will be allocated towards SunPower’s residential solar and storage lease programs, with disbursements scheduled upon installation. This development underscores SunPower’s commitment to expanding access to clean energy and offering diverse financing options to its customers.

Peter Faricy, CEO of SunPower, highlighted the company’s unique financing model, which empowers customers to select the most suitable financing product tailored to their requirements. Peter Faricy expressed confidence that this new commitment will enable SunPower to cater to a broader customer base, meeting the burgeoning demand for solar and storage solutions while advancing the company’s mission to revolutionize the global energy landscape.

The influx of $300 million in project financing comes on the heels of SunPower’s recent capital raise, bringing the company’s total access to capital to over half a billion dollars, subject to certain funding conditions. This includes modifications to existing first lien financing arrangements and a second lien term loan from Sol Holding.

SunPower has been at the forefront of providing solar lease financing options since 2010, collaborating with a network of residential solar dealers, leading new home builders, and direct sales teams across the United States. Notably, SunPower lease contracts constituted 73 percent of SunPower Financial’s originated volume in the fourth quarter of 2023, marking a substantial increase from 26 percent in the corresponding period of 2022.

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