SunPower, a prominent residential solar technology and energy services provider, has partnered with global investment firm KKR to secure $550 million in solar energy loans for SunPower customers. The credit funds and accounts managed by KKR will commit to purchasing the loans, which will enable SunPower Financial to offer attractive loan options to its customers.
This deal is expected to raise sufficient capital to fund $1 billion of incremental solar loans for SunPower’s customers, supporting the company’s continued growth and increasing access to solar for more homeowners. Guthrie Dundas, interim CFO of SunPower, noted that with the additional capital, they anticipate powering their loan bookings volume into 2024.
According to Avi Korn, Managing Director at KKR, residential solar is a key area of focus for their Asset-Based Finance business, and they are pleased to support SunPower’s leading platform to provide solar and energy services through this transaction. SunPower launched SunPower Financial in 2021 to streamline the process of purchasing solar and other home energy services through a single provider, including design, sales, installation, warranty, and financing. SunPower’s loan business grew 99% year-over-year in 2022.