BofA Merrill teams with SunPower on first major financing of US residential solar

January 28, 2014
Facebook
Twitter
LinkedIn
Reddit
Email

SunPower has secured a US$220 million loan from Bank of America Merrill Lynch (BofAMerrill) to support its next wave of residential solar lease projects in the US.

This is the first time BofAMerrill has supported SunPower’s residential lease business, although the companies have worked together since 2009, on financing large solar projects for public agencies in California.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

BofA Merrill noted that it had in place a 10-year, US$50 billion environmental business plan to help address climate change.

Todd Karas, head of renewable energy finance at BofA Merrill said: “With this investment in residential solar systems, we are expanding our portfolio of solar installations with SunPower beyond commercial and government entities to now include installations in individual homes. This is consistent with our firm's overall 10-year, US$50 billion environmental business initiative to help address climate change, reduce demands on natural resources and advance lower-carbon economic solutions.”

According to Chuck Boynton, CFO at SunPower, the company had more than 20,000 customers signed to its lease program in the US. 

Read Next

January 7, 2026
Japanese cell and module manufacturer Toyo Solar has secured a supply agreement to source US-made polysilicon capacity.
January 7, 2026
Indian independent power producer Inox Clean Energy and its subsidiary Inox Solar have tied up equity totalling INR31 billion (US$340 million).
January 7, 2026
Investor HASI and residential solar and storage developer Sunrun have announced a joint venture to finance 300MW of renewable energy capacity.
January 7, 2026
The inclusion of a thicker aluminium oxide layer in TOPCon solar cells could provide superior resistance to UVID, according to UNSW.
January 7, 2026
Renewables firm Pattern Energy has entered into a definitive agreement to acquire independent power producer Cordelio Power.
January 7, 2026
Oil and gas explorer Pilot Energy has entered into a binding head of agreement with SN Energy Australia for the joint development of a new solar-plus-storage project at Three Springs, Western Australia.

Upcoming Events

Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 24, 2026
Dallas, Texas
Solar Media Events
April 15, 2026
Milan, Italy
Solar Media Events
June 16, 2026
Napa, USA
Solar Media Events
November 24, 2026
Warsaw, Poland