Non-public fairness agency KKR has dedicated to purchasing loans made by SunPower prospects.
From pv journal USA
SunPower, a residential photo voltaic and vitality companies supplier, introduced that it has secured a $550 million mortgage buy dedication from non-public fairness agency KKR & Co.
“Residential photo voltaic is a key focus space for our Asset-Based mostly Finance enterprise,” mentioned Avi Korn, managing director of KKR’s credit score group.
SunPower’s mortgage packages provide residential prospects 25-year phrases to make sure extra predictable electrical energy prices in comparison with unstable utility charges. The corporate launched SunPower Monetary in 2021, and its mortgage enterprise grew 99% yearly in 2022. With the SunPower mission, set up, design, gross sales, financing and guarantee are all supplied by one entity.
“With the closing of this transaction, we have now raised adequate capital year-to-date to fund the whole $1 billion of incremental photo voltaic loans for SunPower prospects. As demand continues to rise, we anticipate this extra capital to strengthen our mortgage reserves by way of 2024 and allow SunPower to extend entry to the advantages of photo voltaic for extra owners. ,” mentioned Guthrie Dundas, interim chief monetary officer of Sunpower.
The $550 million dedication follows a $450 million dedication from April 12 supplied by HASI and Crédit Agricole CIB, two main buyers in local weather and sustainability. Each credit score agreements are non-recourse financings.
Enterprise actions
In late April 2023, SunPower introduced it related to OhmConnect to supply its prospects the chance to take part in digital energy plant (VPP) packages.
Owners in choose California markets with the mySunPower app can earn rewards for managing electrical energy utilization, particularly throughout peak electrical energy demand on the grid, when utility payments are highest. The service helps steadiness the ability grid whereas providing photo voltaic and vitality storage prospects the chance to get worth from their system.
SunPower has continued to enhance its buyer choices over the previous 12 months. In September 2022, the corporate launched two new batteries for residential vitality storage purposes. The 2 gadgets, known as SV-BASE13-C and SV-BASE19.5-C, are literally a part of the corporate’s Sunvault vitality storage sequence. The battery is available in 5 configurations: 13 kWh, 19.5 kWh, 26 kWh, 39 kWh and 52 kWh.
In September 2022, SunPower introduced it partnered with the large retailer IKEA to supply its options in chosen IKEA shops in California. Members of the IKEA Household buyer loyalty program have in-store entry to 4 custom-designed SunPower photo voltaic packages, all of which embody a SunPower Equinox photo voltaic system, a 25-year guarantee for electrical energy, product and labor, and 10 years of monitoring. assure. IKEA US prospects will work straight with SunPower to entry its vitality options, with all of the merchandise, companies, and warranties prospects want.
Final Could, the corporate launched the SunPower Onea holistic vitality administration system designed to interface with residence photo voltaic arrays, battery vitality storage methods, in addition to the whole set of residence vitality hundreds, together with heating and cooling , home equipment, lighting, and extra.
The platform goes a step past system monitoring, actively advising owners on methods to optimize their vitality use. It is ready to establish patterns of electrical energy consumption and counsel extra actions for saving vitality payments.
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