Wells Fargo and SunPower Corp. have signed an agreement to fund up to $100 million in SunPower commercial-scale solar systems.
Under the financing program, SunPower will enter into power purchase agreements with qualified customers, and Wells Fargo will finance the solar power systems that SunPower will design, build, operate and maintain. Customers hosting the systems will buy the electricity from SunPower at prices that are competitive with retail rates.
The first projects financed under the program include a 1.1 MW system for University of California, Merced, and a 1 MW system for the Western Riverside County Regional Wastewater Authority. Scheduled for completion by year-end, both will be ground-mounted systems using the patented SunPower T20 Tracker technology.
SOURCES: SunPower, Wells Fargo