Daily News: April 4, 2014

Hannon Armstrong Provides SunPower with Solar Lease Financing

Hannon Armstrong Sustainable Infrastructure Capital (HASI) and SunPower announced an agreement under which HASI will provide $42 million in non-recourse debt to help finance SunPower’s residential solar lease program. The transaction allows SunPower to leverage its existing lease assets and expand its program while increasing its cash position and strengthening its balance sheet. More than 20,000 Americans are enrolled in the company’s lease program.

“The SunPower Lease program offers our customers financing under highly competitive terms for their SunPower solar panels, the most efficient on the market today. When coupled with our unprecedented level of energy assurance, the SunPower Lease program delivers more value to the homeowner,” said SunPower CFO Chuck Boynton. “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.”

“We are pleased to announce our new relationship with SunPower, facilitating their ability to make rooftop solar power systems accessible to more American homeowners,” said Jeffrey Eckel, president and CEO of HASI. “With this investment, we are further diversifying our portfolio of economic, reliable and sustainable distributed energy assets, targeting assets that can produce sustainable yield.”

In addition to attractive terms and low monthly payments, the SunPower lease includes one of the solar industry’s only direct-from-manufacturer performance guarantees.

Hannon Armstrong makes debt and equity investments in sustainable infrastructure projects.

SunPower designs, manufactures and delivers solar panels and systems for residential, business, government and utility customers.