Infrastructure project investor Hannon Armstrong Sustainable Infrastructure Capital, Inc., (HASI) has reached an agreement with solar panel manufacturer SunPower, Inc. that will see HASI offer US$44.5 million in non-recourse debt to help fund SunPower’s residential solar lease programme.
The deal will allow SunPower to grow its leasing programme while also increasing its funds. Over 20,000 customers are currently taking part in the leasing programme.
This is the second time this year that both companies have agreed to a financing deal, as Hannon revealed in April that it would provide US$42 million in non-recourse debt financing to SunPower.
Jeffrey Eckel, president and CEO of Hannon Armstrong Sustainable Infrastructure Capital, Inc., said: “We continue to be impressed with the quality of SunPower's technology and we are pleased to be able to participate in supporting the expansion of its residential service offerings. The expanded partnership with SunPower is consistent with our strategic growth initiatives, as we continue to target economic, reliable and sustainable distributed energy assets that generate a sustainable yield.”