SAN JOSE, Calif., June 19, 2019 /PRNewswire/ -- SunPower
(NASDAQ:SPWR) today announced that with Hannon Armstrong
Sustainable Infrastructure Capital, Inc. (NYSE:HASI)
and SunStrong Capital Holdings, LLC, it has secured financing
commitments for its residential solar lease program that will help
meet SunPower's expected customer demand into 2020. SunPower has
provided solar lease financing options to customers since 2010. The
attractive financing provisions with this new fund will supplement
the solar loan and cash sale alternatives currently offered by the
company.
The new fund is structured as a levered tax equity partnership
with a multi-party forward purchase commitment, allowing generation
of upfront cash margins for residential solar leases. The financing
commitments for this new fund are being provided largely from a
repeat group of loan and equity providers that continue to have
strong long-term relationships with SunPower and Hannon Armstrong.
Bank of America Merrill Lynch (NYSE: BAC) acted as the sole
structuring and placement agent for the cash equity and multi-draw
term loan, as well as the sole tax equity investor. Additional
equity capital was provided by SunPower, Hannon Armstrong and
their joint venture SunStrong, which holds equity interests in more
than 55,000 residential solar energy systems.
"SunPower's strong suite of acquisition options, and our
technologically superior solar energy solutions, allows us to
continue meeting growing customer demand," said Tom Werner, SunPower CEO and chairman of the
board. "Thanks to our financing partners, who share our clean
energy future goals, we're able to ensure funding to meet the needs
of those customers who desire a leasing option."
"This latest fund continues our multi-year programmatic
investment with SunPower, helping to decarbonize the residential
sector using solar, one of the climate solutions essential to
mitigating climate change," said Jeffrey
Eckel, Hannon Armstrong
president and CEO. "We are especially pleased with the expansion of
SunStrong's role in this innovative fund as it demonstrates the
increased financial capabilities of this new joint venture with
SunPower."
Residential Solar Business
SunPower offers its lease
program 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. Last year, SunPower's U.S.
residential business saw annual deployment growth of more than 15
percent, bringing the total number of American homes with SunPower®
solar to over 275,000 consumers.
SunStrong Acquires Capital Dynamics Residential Lease
Portfolio
Additionally, the company announced that SunStrong
has acquired a residential lease portfolio from Capital Dynamics.
This transaction adds to SunStrong's existing high-quality
asset portfolio with the addition of more than 41 MW and 5,100
residential systems.
"This transaction reinforces SunStrong's belief in the long-term
value of owning high quality solar systems and SunPower's
commitment to providing on-going products and services to our
customers," said Werner.
About SunPower
As one of the world's most innovative
and sustainable energy companies, SunPower Corporation
(NASDAQ:SPWR) provides a diverse group of customers with complete
solar solutions and services. Residential customers, businesses,
governments, schools and utilities around the globe rely on
SunPower's more than 30 years of proven experience. From the first
flip of the switch, SunPower delivers maximum value and superb
performance throughout the long life of every solar system.
Headquartered in Silicon Valley, SunPower has dedicated,
customer-focused employees
in Africa, Asia, Australia, Europe, North
and South America. For more information about how SunPower is
changing the way our world is powered,
visit www.sunpower.com.
About Hannon
Armstrong
Hannon
Armstrong (NYSE: HASI) focuses on making investments in
climate change solutions by providing capital to the leading
companies in the energy efficiency, renewable energy and other
sustainable infrastructure markets. Our goal is to generate
attractive returns for our stockholders by investing in a
diversified portfolio of investments that generate long-term,
recurring and predictable cash flows from proven commercial
technologies. Based in Annapolis,
Maryland, Hannon Armstrong is
proud to be the first U.S. public company solely dedicated to
investments that reduce carbon emissions or increase resilience to
climate change. For more information, please visit
www.hannonarmstrong.com. Follow Hannon
Armstrong on LinkedIn and
Twitter @HannonArmstrong.
SunPower's Forward-Looking Statements
This press
release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, including,
but not limited to, statements regarding expected demand and our
ability to meet it, and our plans regarding product and services
offerings. These forward-looking statements are based on our
current assumptions, expectations, and beliefs and involve
substantial risks and uncertainties that may cause results,
performance, or achievement to materially differ from those
expressed or implied by these forward-looking statements. Factors
that could cause or contribute to such differences include but are
not limited to: regulatory changes and the availability of economic
incentives promoting use of solar energy, and challenges in
managing our joint venture relationships. A detailed discussion of
these factors and other risks that affect our business is included
in filings we make with the Securities and Exchange Commission
(SEC) from time to time, including our most recent reports on Form
10-K.
© 2019 SunPower Corporation. All Rights Reserved. SUNPOWER and
the SUNPOWER logo are registered trademarks of SunPower Corporation
in the U.S. and other countries as well.
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SOURCE SunPower Corp.