SunPower closes on US residential lease portfolio sale

Facebook
Twitter
LinkedIn
Reddit
Email
SunStrong now owns more than 37,500 residential solar leases that were originally secured by SunPower. The proceeds will primarily be used to refinance existing debt obligations associated with SunStrong’s residential lease portfolio. Image: SunPower

US-headquartered high-efficiency PV module producer SunPower Corp has concluded the sale of its US residential lease portfolio with a subsidiary of Hannon Armstrong as the company sells assets to improve its balance sheet. 

A joint venture between the parties, SunStrong Capital Holdings has closed on the planned US$400 million Solar Asset Backed Notes, which were priced at a fixed interest rate of 5.68% per annum and received a rating of A (sf) from KBRA and a Green Bond Assessment of GB1, the highest rating, by Moody's Investor Services.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The anticipated repayment date was said to be in November 2028, with a rated final maturity date in November 2048.

Manavendra Sial, SunPower Executive Vice President and Chief Financial Officer said, “As one of the largest renewable industry securitizations, this transaction is a testament to the high-quality asset portfolio of SunStrong. With the formation of this joint venture with Hannon Armstrong, we have now fully deconsolidated our existing leveraged residential lease portfolio, successfully continuing SunPower's work to simplify our business. Specifically, this deconsolidation materially delevers our balance sheet, further improves our net debt position due to the accelerated placement of lease assets in the portfolio and reduces our interest expense while enabling us to maintain strong customer relationships through our asset management responsibilities.”

SunStrong now owns more than 37,500 residential solar leases that were originally secured by SunPower. The proceeds will primarily be used to refinance existing debt obligations associated with SunStrong’s residential lease portfolio.

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

June 30, 2025
Voting on the US tax reconciliation bill is expected to begin in the Senate today, following a draft published on Friday that hit clean energy tax credits hard.
June 27, 2025
Renewables investment platform Nexwell Power has signed a round of power purchase agreements (PPAs) with “one of the largest” US tech companies for solar PV capacity to be built in Spain.
Premium
June 27, 2025
PV Talk: '2024 was a transformational year in terms of energy policy,' says Monika Paplaczyk ahead of this year's Clean Power 2030 Summits.
June 26, 2025
A group of minority shareholders in Norwegian silicon firm REC Silicon has triggered an investigation into the circumstances surrounding the closure of the company’s US polysilicon production site.
June 24, 2025
Independent power producer (IPP) Recurrent Energy has secured €61.5 million (US$71.4 million) in financing for its Italian renewables portfolio.
June 24, 2025
BluPine Energy has raised INR2,416 million (US$290 million) debt sanctions for its 150MW power project in Aland, Karnataka.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece