Citi and Credit Suisse Team with SunPower to Provide Financing for up to $325 million of Residential Solar Lease Projects SunPower Lease Offers "No-Money-Down" Financing and Direct-from-Manufacturer Performance Guarantee
SAN JOSE, Calif., Aug. 8, 2012 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR) today announced new commitments from Citi (NYSE: C) and Credit Suisse (NYSE: CS) that will provide financing to support approximately $325 million of residential solar lease projects. SunPower will use the funds to supplement its successful SunPower® Lease program to U.S. residential customers, expanding the financing options available to homeowners interested in high-efficiency SunPower solar power systems, the most efficient solar technology available today.
"Citi is proud to support SunPower's efforts to make renewable energy more accessible to American homeowners," said Jason Cavaliere, director at Citi. "Financing the expansion of the SunPower Lease offer builds on Citi's commitment to environmental sustainability and our continued support for the green economy and green jobs in the U.S."
"Credit Suisse is pleased to help more U.S. homeowners take advantage of the environmental and economic benefits of SunPower technology," said Jerry Smith, managing director at Credit Suisse.
"The global financial leadership of Citi and Credit Suisse, combined with SunPower's leading technology and quarter century of experience, offer customers an unprecedented level of assurance that is vitally important when a homeowner enters into a 20-year lease agreement," said SunPower CFO Chuck Boynton. "We are proud to partner with these prestigious financial institutions, and applaud their commitment to promoting the use of solar power."
The SunPower Lease is now available in Arizona, California, Colorado, Hawaii, Massachusetts, New Jersey, New York, Pennsylvania and Vermont. In addition to low monthly payments with zero down, the program includes a direct-from-manufacturer performance guarantee.
Homeowners can also obtain SunPower systems through cash purchase or SunPower's loan program, which offers a variety of low-interest loan options.
"SunPower is the leading manufacturer of rooftop solar power systems in the U.S. because our customers know they can rely on high efficiency SunPower technology to maximize the power generated on their roof – and their monthly savings," said Howard Wenger, SunPower president, regions. "Homeowners have many financing options when they choose a SunPower system, from cash purchases to loans to leases, and SunPower dealers work with customers to ensure they choose the financing option that is right for them. We are very pleased to extend the lease option to more of our U.S. customers."
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.sunpowercorp.com.
Forward-Looking Statements – Legal to Update
This news release has forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not represent historical facts and may be based on assumptions. The company uses words and phrases such as "to provide financing," "will," and "expanding the financial options," to identify forward-looking statements in this press release, including forward-looking statements regarding Citi and Credit Suisse providing financing to support up to $325 million of residential solar lease projects of SunPower. Such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as: (i) success of the residential lease program; (ii) increasing supply and competition in the industry and lower average selling prices, impact on gross margins; (iii) the risk of continuation of supply of products and components from suppliers; (iv) systems qualifying for financing under the facility; and (v) other risks described in the company's Annual Report on Form 10-K for the year ended January 1, 2012, Quarterly Report on Form 10-Q for the quarter ended April 1, 2012, and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the company's views as of any subsequent date, and the company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
SunPower is a registered trademark of SunPower Corp. All other trademarks are the property of their respective owners.
SOURCE SunPower Corp.