SunPower has extended the terms and reduced the value of its existing credit support agreement with French energy giant Total through to 2018.
Total will continue to guarantee SunPower's letters of credit in support of certain company activities. The initial agreement signed in 2011 involved a US$1 billion credit support agreement with Total for SunPower to accelerate its project pipeline rollout, add manufacturing capacity, and further its R&D activities. However, this has now been reduced to US$500 million “to more appropriately match SunPower's current and long-term credit needs”, according to a SunPower release.
Tom Werner, SunPower president and chief executive, said: “The market opportunity for solar energy continues to grow and the continued support of Total is key for us to achieve our long-term goals. We believe our shared vision of the importance of renewables as a viable and cost effective source of energy will benefit both companies over the next decade.”