SAN JOSE, Calif., Oct. 7, 2019 /PRNewswire/ -- SunPower
(NASDAQ:SPWR) announced today that it has entered into a joint
venture with Hannon Armstrong Sustainable Infrastructure Capital,
Inc. (Hannon Armstrong) (NYSE:
HASI), to acquire and deploy 200 megawatts (MW) of safe harbored
panels, preserving the federal Investment Tax Credit (ITC) 30
percent value for third-party owned commercial and residential
systems and meeting safe harbor guidelines. The companies expect to
increase the volume in later years.
The federal investment tax credit is slated to step down from 30
percent at the end of this year to 26 percent in 2020, 22 percent
in 2021 and then level at 10 percent for commercial customers and
zero for residential customers in 2022 and beyond.
The safe harbor facility is expected to preserve 30 percent ITC
value for projects placed in service from now through mid-2022.
"SunPower customers have always benefitted from our leading,
innovative solar solutions and services and now they will have
additional certainty of savings through our safe harbor joint
venture enabling them to take advantage of the ITC 30 percent value
post the step down on January 1,
2020," said Tom Werner,
SunPower CEO and chairman of the board. "This flexible and highly
capital efficient safe harbor facility provides us with a great
opportunity to once again partner with Hannon Armstrong, who shares our clean energy
future goals."
"We are pleased to broaden our offering to enable SunPower to
realize additional value and flexibility in the near-term
pipeline," said Jeffrey W. Eckel,
Hannon Armstrong chairman and CEO.
"As the market need evolves, this latest transaction expands our
multi-year programmatic investments with SunPower, supporting our
shared mission for a decarbonized future."
Residential Solar Business
SunPower offers its lease
program through its network of residential solar dealers across the
U.S., new home builders where the company holds a market-leading
position, and direct sales teams. Last year, SunPower's U.S.
residential business saw annual deployment growth of more than 15
percent bringing the total number of American homes with
SunPower® solar to over 275,000.
The company recently announced two innovative residential solar
products:
- Design Studio, which allows homeowners to conveniently explore
their home's solar potential, delivering a custom design in 30
seconds, and
- Equinox Storage, which gives homeowners freedom from utility
outages, grid uncertainty and high peak period rates.
Commercial Solar Business
As the No. 1 commercial
solar provider in America, SunPower continues to leverage its
market-leading storage experience that enables businesses to
maximize their solar investment. After more than one year on the
market, interest in Helix Storage remains high with a pipeline
exceeding 136 megawatts and attach rates of greater than 35
percent.
About SunPower
As one of the world's most innovative
and sustainable energy companies, SunPower Corporation
(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, North
and South America. For more information about how SunPower is
changing the way our world is powered,
visit www.sunpower.com.
About Hannon
Armstrong
Hannon
Armstrong (NYSE: HASI) focuses on making investments in
climate change solutions by providing capital to the leading
companies in the energy efficiency, renewable energy and other
sustainable infrastructure markets. Our goal is to generate
attractive returns for our stockholders by investing in a
diversified portfolio of investments that generate long-term,
recurring and predictable cash flows from proven commercial
technologies. Based in Annapolis,
Maryland, Hannon Armstrong is
proud to be the first U.S. public company solely dedicated to
investments that reduce carbon emissions or increase resilience to
climate change. For more information, please visit
www.hannonarmstrong.com. Follow Hannon
Armstrong on LinkedIn and
Twitter @HannonArmstrong.
SunPower's Forward-Looking Statements
This press
release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, including,
but not limited to, statements regarding project plans and expected
cost savings. These forward-looking statements are based on our
current assumptions, expectations, and beliefs and involve
substantial risks and uncertainties that may cause results,
performance, or achievement to materially differ from those
expressed or implied by these forward-looking statements. Factors
that could cause or contribute to such differences include but are
not limited to: regulatory changes and the availability of economic
incentives promoting use of solar energy, and challenges in
managing our joint venture relationships. A detailed discussion of
these factors and other risks that affect our business is included
in filings we make with the Securities and Exchange Commission
(SEC) from time to time, including our most recent reports on Form
10-K and Form 10-Q.
© 2019 SunPower Corporation. All Rights Reserved. SUNPOWER and
the SUNPOWER logo are registered trademarks of SunPower Corporation
in the U.S. and other countries as well.
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SOURCE SunPower Corp.