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.