SunPower Secures Dedicated Commercial Solar Financing Through Bank of the West

Rhea-AI Summary

SunPower Corp (NASDAQ:SPWR) has launched a new financing program through Bank of the West, designed to provide commercial dealers with a cohesive financing solution for solar projects. This initiative aims to enhance customer experience and offer liquidity to dealers without requiring significant upfront costs. SunPower also continues to lead in the commercial solar sector, having received $26.7 million in funding from California’s SGIP program. This funding will support energy storage systems in disadvantaged communities across 21 sites, reinforcing SunPower's commitment to sustainable energy solutions.

Positive

• Launch of a new financing program with Bank of the West, enhancing dealer options.
• SunPower ranked number one in U.S. commercial direct solar solutions for three consecutive years.
• Awarded $26.7 million in funding from California's SGIP to support renewable energy projects.

Negative

• None.

SAN JOSE, Calif., June 17, 2020 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR) today announced the closing of a new program with Bank of the West which will provide SunPower Commercial dealers a new financing option as part of a one-stop-shop complete solution.

Bank of the West contracts and servicing will be private-labeled as SunPower Commercial Capital which will reinforce a cohesive customer experience.

"This new financing program will provide timely liquidity to help our Commercial dealers offer customers attractive returns on solar, without large upfront capital outlays, which is especially important in a tough economic market," said Tom Werner, SunPower Corp. CEO and chairman of the board. "This effort, similar to our successful program in our Residential dealer channel, also enhances our one-stop shop complete solutions approach where small commercial customers will now have the benefit of SunPower's industry-leading Helix® Roof and Carport solar systems, award-winning Helix Proposal® software and now highly-competitive operating and capital lease financing."

"We are thrilled to team up with SunPower to bring innovative and sustainable energy solutions to customers," said Tristan Watkins, executive vice president, Bank of the West Equipment Finance. "Bank of the West is taking action to finance a sustainable tomorrow and I'm proud to extend our impact by working with SunPower to deliver simple, and flexible financing solutions to their channel partners and commercial clients."

SunPower's Leading Commercial Direct Business
SunPower is ranked as the number one Commercial direct solar solutions provider in the U.S. for capacity and has been for the past three years running. Additionally, the company was recently awarded $26.7 million in funding made available under the California Public Utility Commission's Self-Generation Incentive Program (SGIP) Equity budget, which provides rebates for qualifying distributed energy systems installed on the customer's side of the utility meter.

"For the past five quarters, SunPower has led SGIP reservations, reinforcing the new business that we've signed and our leadership role in commercial storage," Werner added. "With our new Equity program awards, we plan to provide approximately 36 megawatt hours of energy storage systems across 21 sites for customers in disadvantaged communities targeted by the program."

SunPower has a strong network of qualified, professional and certified installers for commercial solar systems, panels and electricity needs. They are trained to the highest standards and reliably deliver systems designed to produce more solar electricity for the life of the system. To learn more about SunPower's complete Commercial solar solutions, visit -1%26h%3D3698626909%26u%3Dhttp%253A%252F%252Fwww.sunpower.com%252F%26a%3Dwww.sunpower.com&a=www.sunpower.com" rel="nofollow">www.sunpower.com.

About SunPower
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 -1%26h%3D3698626909%26u%3Dhttp%253A%252F%252Fwww.sunpower.com%252F%26a%3Dwww.sunpower.com&a=www.sunpower.com" rel="nofollow">www.sunpower.com.

About Bank of the West
At Bank of the West, we know money deposited in a bank has the power to finance positive change. So we are taking action to ensure our activities help protect the planet, improve people's lives, and strengthen communities. We are redefining banking for a better future by focusing on areas where we believe we can have a real impact: supporting energy transition, helping enable women entrepreneurs, and financing innovative start-ups. As the bank for a changing world, Bank of the West is committed to sustainable finance along with our parent company BNP Paribas. Through Digital Channels and offices across the U.S., Bank of the West provides financial tools and resources to more than 2 million individuals, families and businesses.  Visit www.bankofthewest.com

© 2020 Bank of the West. Member FDIC. Equal Housing Lender. Doing business in South Dakota as Bank of the West California.

Forward-Looking Statements
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 project plans and timelines, product performance, and cost savings. 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 and fluctuations or declines in the performance of our solar panels and other products and solutions. 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.

© 2020 SunPower Corporation. All Rights Reserved. SUNPOWER and the SUNPOWER logo are registered trademarks of SunPower Corporation in the U.S. and other countries as well. Other logos and trademarks are the properties of their respective owners.

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SOURCE SunPower Corp.

FAQ

What is the new financing program launched by SunPower?

SunPower has introduced a financing program in partnership with Bank of the West for commercial dealers, allowing for more flexible financing options.

How does the new financing option impact SunPower's commercial dealers?

The financing option provides commercial dealers with liquidity, helping them offer solar solutions to customers without large upfront costs.

What recognition has SunPower achieved in the commercial solar market?

SunPower has been ranked as the top commercial direct solar solutions provider in the U.S. for the last three years.

What funding did SunPower receive from California's SGIP?

SunPower was awarded $26.7 million in funding from California's Self-Generation Incentive Program to support energy storage initiatives.

What are the goals of SunPower's energy storage systems under the SGIP funding?

The energy storage systems funded by SGIP aim to provide around 36 megawatt hours of energy storage across 21 sites in disadvantaged communities.