[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather
Santa Clarita CA
Clear
Clear
67°F
 
Calendar
Today in
S.C.V. History
October 17
1837 - Trapper Peter LaBeck killed by grizzly bear at El Tejon [story]


SAN JOSE — SunPower announced Friday that with Hannon Armstrong Sustainable Infrastructure Capital, Inc. and SunStrong Capital Holdings, LLC, it has secured financing commitments for its residential solar lease program.

The commitments will help meet SunPower’s expected customer demand for solar panels 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 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 more than 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,” Werner said.

About SunPower
As one of the world’s most innovative and sustainable energy companies, SunPower Corporation 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.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


Latest Additions to SCVNews.com
1837 - Trapper Peter LaBeck killed by grizzly bear at El Tejon [story]
The Los Angeles County Board of Supervisors on Tuesday unanimously approved a motion by Board Chair Janice Hahn and Supervisor Hilda Solis to assess and address the specific needs of American Indian and Alaska Native individuals experiencing homelessness in the county.
County to Assess American Indian, Alaska Native Homelessness
A water main break in Valencia caused lane closures and traffic delays as crews work to stop water from spilling onto the streets Wednesday.
Water Main Break Shuts Down Eastbound Newhall Ranch Road
The Los Angeles County Board of Supervisors unanimously approved a motion to provide recommendations for how to modify county ordinances to grant the Sheriff's Civilian Oversight Commission subpoena power through the Office of Inspector General.
Supes Seek Subpoena Power for Oversight of Sheriff’s Department
AVITA Medical, a regenerative medicine company with a technology platform positioned to address unmet medical needs in therapeutic skin restoration, announced that its American Depositary Shares (“ADS”) have been approved to list on the Nasdaq Capital Market, or Nasdaq.
AVITA Medical Now Listed on Nasdaq
Thirty-two features have been submitted for consideration in the Animated Feature Film category for the 92nd Academy Awards.
32 Animated Features to Vie for 2019 Oscar
The deadline for poets to submit poems for the city of Santa Clarita's 2020 Sidewalk Poetry Project is Thursday, Oct. 31.
Oct. 31: Deadline to Submit Poems for 2020 Sidewalk Poetry Project
For the first time since the Santa Clarita-based firm was founded in 1998, a third partner’s name is becoming part of the official name of the firm as Poole & Shaffery becomes Poole Shaffery & Koegle, LLP.
Poole & Shaffrey Add Partner Koegle to Law Firm’s Name
As part of the 26th Annual National Public Lands Day, Saddleback Butte State Park is leading a habitat cleanup on Saturday, October 26 from 8 a.m. to noon, and officials invite local residents to pitch in.
Oct. 26: Saddleback Butte Cleanup on National Public Lands Day
The William S. Hart Union High School District’s governing board is set to discuss a letter addressing allegations of an open-meeting law violation with respect to its recent search for a new superintendent.
Hart District to Discuss Letter on Superintendent Search, Transparency
The U.S. Forest Service has closed the Saddleridge Fire area in the Angeles National Forest for the safety of the public and fire suppression personnel, officials said Wednesday.
Saddleridge Blaze 46% Contained, Forest Service Closes Fire Area
Santa Clarita Mayor Marsha McLean joined other local officials from across the Southland to commemorate the signing of the San Gabriel Mountains National Monument Plan in Arcadia on Thursday, October 10.
McLean, Officials Meet to Sign San Gabriel Mountains Monument Plan
SCV Water officials hammering out a plan to manage groundwater are still accepting applications for the agency’s seven-member advisory group.
Water Heads Find Groundwater Advisers, Still Accepting Applications
SCV Water and its water-banking partners, Rosedale-Rio Bravo Water Storage District and Irvine Ranch Water District, recently opened six new groundwater wells and a conveyance system to the Cross Valley Canal in Kern County.
SCV Water, Partners Add 6 Wells in Kern County
Through a $700,000 federal grant, the California Highway Patrol has developed the Get Educated and Ride Safe II campaign, or GEARS II, to promote motorcycle safety and awareness.
CHP Wins $700K Grant for GEARS Motorcycle Safety Program
California Governor Gavin Newsom signed Los Angeles County-sponsored Assembly Bill 539 into law on Thursday, taking a major step in protecting borrowers from predatory high-cost loans.
Californians Gain Protections from Predatory Loans
Recognizing California’s fiscal health, Moody’s Investors Service has upgraded California’s outstanding general obligation bonds credit rating to Aa2 from Aa3.
Moody’s Upgrades California’s Credit Rating
1853 - Sarah Gifford, community leader and wife of Newhall's first railroad station agent, born in England [story]
Sarah Gifford
The next Canyon Country Advisory Committee (CCAC) meeting will be held Wednesday, Oct. 16, from 7:00 p.m. - 9:00 p.m.
Oct. 16: Canyon Country Advisory Committee Meeting
Los Angeles County Chief Executive Officer Sachi A. Hamai announced she will retire as top administrative leader of the nation’s largest municipal government in early 2020, capping a 31-year career leading innovation and managing solutions to some of the region’s most challenging issues.
County CEO Caps 31-Year Career; Announces 2020 Retirement
Valencia-based Lief Labs, a premier formulation and product development innovator and manufacturer of dietary supplements, is pleased to announce that Lief’s rank has risen to 1,022 on the Inc. 5000 definitive ranking of America’s fastest-growing, privately held companies.
Lief Labs Joins List of America’s Fastest-Growing, Privately Held Companies
The community is invited to The Ranch at Fair Oaks for a fall yard sale.
Nov. 2: Fair Oaks Community Association Fall Yard Sale
The city of Santa Clarita will host the Great California ShakeOut earthquake drill at City facilities on Thursday, Oct. 17, at 10:17 a.m. to help train community members on how to properly drop, cover and hold on during an earthquake.
Residents Encouraged to Participate in Great California ShakeOut
For the second time in as many years, The Master's University women's swim team wasted no time qualifying a pair of relays for NAIA nationals.
Lady Mustangs Swim Team Qualifies for Nationals
%d bloggers like this: