SunPower Corp. recently announced it has amended and extended the terms of its existing credit support agreement with Total S.A through 2018.
With this agreement, Total will guarantee SunPower’s letters of credit in support of certain company activities. The companies have amended and restated the initial agreement, signed in 2011, to reduce the amount available under the facility to $500 million to more appropriately match SunPower’s current and long-term credit needs. Additionally, terms for the facility remain substantially unchanged, subject to certain financial covenant requirements.
“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,” said Tom Werner, SunPower president and CEO. “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.”