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The US residential solar lease market remains highly competitive with a new deal struck by SunPower to access US$325 million in new finance from 2-major investment banks, Citi and Credit Suisse. The new financing comes soon after major competitors in the third party leasing market, SunCity and Sunrun received significant new funding from Credit Suisse to the tune of a combined US$300 million in late July, 2012.
"The global financial leadership of Citi and Credit Suisse, combined with SunPower's leading technology and quarter century of experience, offer customers an unprecedented level of assurance that is vitally important when a homeowner enters into a 20-year lease agreement," said SunPower CFO Chuck Boynton.
SunPower said the financing would support PV installations in Arizona, California, Colorado, Hawaii, Massachusetts, New Jersey, New York, Pennsylvania and Vermont.