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

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.

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 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.

Featured Product

RBI Solar - Dahlia Has You Covered

RBI Solar - Dahlia Has You Covered

What if you could maximize the Ground Coverage Ratio (GCR) on your next project and not have to worry about the complicated variables that come with a tracker system? With a low tilt and clearance design, Dahlia® has the highest GCR of any fixed-tilt system in the marketplace. The system is available in three tilt options (7.5, 10 and 12.5 degrees) and designed to accommodate any sized PV module. The lightweight system is engineered with fewer components, several of which are shipped to job sites pre-assembled. This design feature reduces freight costs and rapidly trims the amount of on-site installation time required to complete construction. Maximizing PV coverage on a site can lead to an increase of production, which creates greater financial return for project owners. Over 100 MW of Dahlia® projects have been deployed across the United States, in regions of variable snow and wind loads. How much can Dahlia® cover and save you on your next project?