SunPower Secures $1 Billion in Solar + Storage Financing Through New Partnership with Tech CU
Four-Year Commitment Diversifies Funding Resources for Homeowners Looking to Go Solar
SAN JOSE, Calif.: SunPower Corp. (NASDAQ:SPWR) today announced that a new $1 billion partnership with Technology Credit Union (Tech CU) will increase financing options for qualified U.S. residential solar customers. The new partnership will give SunPower access to capital for its loan program.
There will be multiple benefits for both SunPower and its customers including:
Reduction of SunPower’s operating costs through lower per-watt financing fees;
Streamlining of the loan application and contract signing process for customers; and
Utilization of a financing platform that integrates SunPower’s sales and system design tools that give customers the ability to compare cash, lease or loan acquisition options all at one time.
“Our new partnership with Tech CU will diversify SunPower’s funding resources while providing our customers with a streamlined process and experience,” said Norm Taffe, executive vice president of North American Channels. “This $1 billion commitment will also allow for tens of thousands of SunPower solar systems to be funded over the course of the next four years.”
“We are pleased to add SunPower to our growing list of solar funding partners,” said Deborah Crouch, vice president of Strategic Lending Partners at Tech CU. “We look forward to working with them for many years to come.”
SunPower has multiple attractive financing provisions for customers wanting to go solar with loan, lease and cash options. Last month, the company announced special promotions that can significantly reduce the upfront costs of going solar for U.S. customers.
As one of the world’s most innovative and sustainable energy companies, SunPower (NASDAQ:SPWR) provides a diverse group of customers with complete solar solutions and services. Residential customers, businesses, governments, schools and utilities around the globe rely on SunPower’s more than 30 years of proven experience. From the first flip of the switch, SunPower delivers maximum value and superb performance throughout the long life of every solar system. Headquartered in Silicon Valley, SunPower has dedicated, customer-focused employees in Africa, Asia, Australia, Europe, and North and South America. For more information about how SunPower is changing the way our world is powered, visit www.sunpower.com.
About Tech CU
Tech CU has assets in excess of $3 billion, making it one of the 20 largest credit unions in California. It serves more than 125,000 members living and working throughout the counties of Santa Clara, San Mateo, Alameda, Contra Costa, Santa Cruz, San Francisco, Sacramento, San Joaquin, Solano, Marin, Napa, Sonoma, Los Angeles, Orange and San Diego. Based in the state of California, Tech CU has a national solar lending program that it is leveraging for this partnership. As a federally insured not-for-profit organization, Tech CU invests its resources to deliver lower rates, outstanding service and member benefits. For more information, visit: www.techcu.com.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our expectations for cost savings, projected reductions in operating costs, and funding availability. These forward-looking statements are based on our current assumptions, expectations, and beliefs and involve substantial risks and uncertainties that may cause results, performance, or achievement to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: regulatory changes and the availability of economic incentives promoting use of solar energy, changes in public policy, including the imposition and applicability of tariffs; potential disruptions to our operations that may result from epidemics or natural disasters, including Covid-19 and associated disruptions, and challenges managing our strategic relationships and partnerships. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent report on Form 10-K, particularly under the heading “Risk Factors.” Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpowercorp.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.