SunPower Corp. is receiving $42 million in non-recourse debt from Hannon Armstrong Sustainable Infrastructure Capital Inc. to help finance its residential solar lease program.
SunPower says the transaction allows it to leverage its existing lease assets and expand its program while increasing its cash position and strengthening its balance sheet.
‘Among our portfolio of financing options, solar lease remains one of the more popular choices by consumers, and our innovative partnership with Hannon Armstrong will allow us to further fund the program's growth this year,’ says Chuck Boynton, SunPower's chief financial officer.
