SunPower Corp. has secured a $75 million loan commitment from IFC, a member of the World Bank Group. The company's subsidiary, SunPower Philippines Manufacturing Ltd. (SPML), is partnering with IFC to finance 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,’ states Dennis Arriola, SunPower's executive vice president and chief financial officer. ‘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.’
Under the terms of the loan commitment, SPML can draw up to $75 million over the next two years. The loan must be repaid seven years from the draw-down date.
SOURCE: SunPower Corp.