Builds on the recent capital raise to
provide SunPower with access to more than half a billion dollars in
financing
RICHMOND, Calif., Feb. 23, 2024 /PRNewswire/ -- 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
transaction supports SunPower's ability to offer a variety of
attractive financing options to its customers, advancing its
mission to change the way our world is powered.
"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," said Peter Faricy, SunPower CEO. "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."
Olivia Wassenaar, Head of
Sustainability and Infrastructure at Apollo, said, "We are pleased
to support SunPower with this innovative financing solution, which
strengthens its ability to deliver solar and storage solutions to
customers across the country. This transaction demonstrates
Apollo's integrated and holistic approach to clean energy
investing, leveraging cross-platform expertise from our
infrastructure and tax teams, as well as ATLAS SP's origination and
financing capabilities, to help drive the energy transition."
Together with its recent capital raise, the Company now has
access to more than half a billion dollars of capital, provided the
Company meets certain funding conditions. This includes amendments
to its existing first lien financing and a second lien term loan
from Sol Holding LLC.
Since 2010, SunPower has provided solar lease financing options
to customers through its network of residential solar dealers
across the U.S., new home builders where the company holds a
market-leading position and direct sales teams. SunPower lease
contracts made up 73% of SunPower Financial originated volume in
the fourth quarter of 2023 compared to 26% in the fourth quarter of
2022.
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.
For more information, visit www.sunpower.com.
Forward Looking Statements
This release includes
information that constitutes forward-looking statements. All
statements, other than statements of historical fact, are
forward-looking statements for purposes of the U.S. federal and
state securities laws. Forward-looking statements often address
expected future business and financial performance, and often
contain words such as "believe," "expect," "anticipate," "intend,"
"plan," or "will" or the negative thereof or other variations
thereof or comparable terminology. By their nature, forward-looking
statements address matters that are subject to risks and
uncertainties. Any such forward-looking statements may involve risk
and uncertainties that could cause actual results to differ
materially from any future results encompassed within the
forward-looking statements. Examples of such forward-looking
statements include, but are not limited to, statements regarding
the Company's ability to offer attractive financing options to its
customers and to expand access to clean energy at scale;
expectations regarding growth, demand, and the Company's future
performance and ability to capture or meet consumer demand; and the
Company's expectations for industry trends and factors, and the
impact on our business and strategic plans. Factors that could
cause actual results to differ materially from any future results
encompassed within the forward-looking statements include, but are
not limited to, the Company's ability to comply with its financing
arrangements, including debt covenants, or cure any defaults; the
Company's ability to repay its obligations as they come due; the
Company's ability to realize the anticipated benefits of capital
received or project financings; the Company's liquidity and
indebtedness; and the risks and other important factors discussed
under the caption "Risk Factors" in the Company's Annual Report on
Form 10-K/A for the fiscal year ended January 1, 2023 and the Quarterly Report on Form
10-Q for the quarterly period ended October
1, 2023, and the Company's other filings with the SEC. The
Company cautions you that the list of important factors included in
the Company's filings with the SEC may not contain all of the
material factors that are important to you. In addition, in light
of these risks and uncertainties, actual results may differ
materially from those expressed in the forward-looking statements
contained in this release. These forward-looking statements speak
only as of the date they are made and should not be relied upon as
representing the Company's views as of any subsequent date, and the
Company is under no obligation to, and expressly disclaims any
responsibility to, update or alter its forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as required by applicable law.
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SOURCE SunPower Corp.