SAN JOSE, Calif., July 7, 2016 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR) today announced it has amended and extended the terms of its existing credit support agreement with Total S.A through 2018.
With this agreement, Total will guarantee SunPower's letters of credit in support of certain company activities. The companies have amended and restated the initial agreement, signed in 2011, to reduce the amount available under the facility to $500 million to more appropriately match SunPower's current and long-term credit needs. Additionally, terms for the facility remain substantially unchanged, subject to certain financial covenant requirements.
"The market opportunity for solar energy continues to grow and the continued support of Total is key for us to achieve our long-term goals," said Tom Werner, SunPower president and CEO. "We believe our shared vision of the importance of renewables as a viable and cost effective source of energy will benefit both companies over the next decade."
As one of the world's most innovative and sustainable energy companies, SunPower Corp. (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 performance throughout the long life of every solar system. Headquartered in Silicon Valley, SunPower has dedicated, customer-focused employees in Africa, Asia, Australia, Europe, and North and South America. For more information about how SunPower is changing the way our world is powered, visit www.sunpower.com.
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 our current and long term credit needs and the strength of solar industry fundamentals. 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: (1) competition in the industry and downward pressure on average selling prices; (2) our liquidity, substantial indebtedness, and ability to obtain additional financing for our projects and customers; (3) regulatory changes and the availability of economic incentives promoting use of solar energy; (4) challenges inherent in constructing certain of our large projects; and (5) fluctuations in our operating results;. 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, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpower.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.
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SOURCE SunPower Corp.