ANNAPOLIS, Md. and SAN JOSE, Calif., July
28, 2014 /PRNewswire/ -- Hannon Armstrong Sustainable
Infrastructure Capital, Inc. (NYSE: HASI) and SunPower Corp.
(NASDAQ: SPWR) today announced an agreement under which HASI is
expected to provide up to $44.5
million in non-recourse debt to help finance SunPower's
residential solar lease program. The transaction allows SunPower to
leverage 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.
This is the second transaction announced by the two companies
this year. In early April, Hannon
Armstrong and SunPower announced a $42 million non-recourse debt financing.
"We are pleased to extend our partnership with Hannon Armstrong to further fund the demand for
SunPower's residential lease program, which is one finance option
we offer homeowners," said SunPower CFO Chuck Boynton. "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."
"We continue to be impressed with the quality of SunPower's
technology and we are pleased to be able to participate in
supporting the expansion of its residential service offerings,"
said Jeffrey Eckel, president and
CEO of HASI. "The expanded partnership with SunPower is consistent
with our strategic growth initiatives, as we continue to target
economic, reliable and sustainable distributed energy assets that
generate a 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.
About Hannon
Armstrong
Hannon
Armstrong (NYSE: HASI) makes debt and equity investments in
sustainable infrastructure projects. The company focuses on
profitable projects that increase energy efficiency, provide
cleaner energy, positively impact the environment or make more
efficient use of natural resources. Hannon
Armstrong targets projects that have high credit quality
obligors, fully contracted revenue streams and inherent economic
value.
The company, based in Annapolis,
Maryland, intends to elect and qualify to be taxed as a real
estate investment trust (REIT) for federal income-tax purposes,
commencing with its taxable year ended Dec.
31, 2013. For more information, visit
www.hannonarmstrong.com.
About SunPower
SunPower Corp. (NASDAQ: SPWR) designs,
manufactures and delivers the highest efficiency, highest
reliability solar panels and systems available today. Residential,
business, government and utility customers rely on the company's
quarter century of experience and guaranteed performance to provide
maximum return on investment throughout the life of the solar
system. Headquartered in San Jose,
Calif., SunPower has offices in North America, Europe, Australia, Africa and Asia. For more information, visit
www.sunpower.com.
SunPower is a registered trademark of SunPower Corp. All
other trademarks are the property of their respective
owners.
SOURCE SunPower Corp.