Private equity firm KKR committed to buying loans issued to SunPower customers.
SunPower, a provider of residential solar and energy services, announced that it has received a $550 million loan purchase commitment from private equity firm KKR & Co. Credit funds and accounts managed by KKR purchase solar loans for SunPower customers.
“In our Asset-Based Finance business, residential solar energy is a key focus area,” said Avi Korn, CEO of KKR’s Credit Group.
SunPower’s loan programs offer residential customers 25-year loan terms that ensure a more predictable electricity price compared to electricity fluctuations. The company launched SunPower Financial in 2021, and its loan business grew 99% from the previous year in 2022. In the SunPower project, installation, design, sales, financing and warranty are all handled by one entity.
“With the execution of this transaction, we have raised enough capital to date to finance the total 1 billion dollars solar energy loans for SunPower customers. As demand grows, we expect this additional capital to increase our loan book through 2024 and allow SunPower to extend the benefits of solar to more homeowners,” said Guthrie Dundas, Sunpower’s Interim CFO.
The $550 million commitment follows a $450 million commitment made on April 12 by HASI and Crédit Agricole CIB, two leading climate and sustainability investors. Both credit agreements are non-guaranteed financing.
At the end of April 2023, SunPower announced that in collaboration with OhmConnect to offer its customers the opportunity to participate in virtual power plant programs (VPP).
In select California markets, homeowners with the mySunPower app can earn rewards for managing their electricity usage, especially during peak grid periods when utility bills are at their highest. The service balances the electricity grid and offers solar and energy storage customers the opportunity to get value from their system.
SunPower has continued to develop its customer offering over the past year. In September 2022, the company introduced two new batteries for residential energy storage applications. The two devices, SV-BASE13-C and SV-BASE19.5-C, are part of the company’s Sunvault energy storage series. There are five battery configurations: 13 kWh, 19.5 kWh, 26 kWh, 39 kWh and 52 kWh.
Also in September 2022, SunPower announced it In cooperation with the retailer giant IKEA to offer their solutions in selected California IKEA stores. IKEA Family loyalty program members have in-store access to four customized SunPower solar packages, all of which include a SunPower Equinox solar system, a 25-year warranty on electricity, product and labor, and 10 years of monitoring. warranty. IKEA USA customers work directly with SunPower to receive its energy solutions, which include all the products, services and warranties customers need.
Last May, the company published by SunPower Onea comprehensive energy management system designed to connect to home solar panels, battery energy storage systems, and all home energy loads, including heating and cooling, appliances, lighting, and more.
The platform goes a step beyond system monitoring and proactively advises homeowners on ways to optimize their energy use. It can identify electricity consumption patterns and suggest additional measures to save on energy bills.