US residential solar provider SunPower has secured over US$300 million in project financing commitments for its residential solar and storage lease programmes.
The funding was secured from funds managed by equity firm Apollo, investment firm ATLAS SP Partners and Hannon Armstrong Sustainable Infrastructure Capital (HASI) and will support SunPower’s ability to offer a variety of financing options to its customers. It also builds on a recent capital raise of US$175 million, announced earlier this month.
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Peter Faricy, CEO at SunPower, said: “We believe this new commitment will enable us to better serve our growing base as we can now provide significantly more customers with leases for solar and storage solutions, meet the strong demand for our fastest growing financial product and ultimately expand access to clean energy at scale.”
Despite raising over US$300 million, the company’s customer growth has been on a downward trend for the past four quarters, as shown in the chart below, and ended Q4 2023 with 16,000 new customers, below the high point of 23,700 registered in the same period, the previous year.
SunPower’s latest financing deals come despite recent doubts over its long-term future. In December it emerged the company had breached a credit agreement, sparking concerns at the time over its ability to stay in business.