SunPower released that it has made plans for a $75 million load commitment for IFC, a member of the World Bank Group. SunPower Philippines Manufacturing will collaborate with IFC for the financing of SPML’s operations in the Philippines.
“SunPower’s partnership with IFC will enable us to drive further improvements to our manufacturing processes, which will allow us to continue delivery of the highest-efficiency solar cells to the global market,” said Dennis Arriola, SunPower’s executive vice president and
CFO. “We have been working closely with IFC for more than a year to secure this financing, and we hope to identify additional opportunities in the future.”
SPML will be able to draw up to $75 million over the next two years according to the terms of the agreement, which must be repaid in seven years from the draw down date.