Personal fairness agency KKR has dedicated to purchasing loans made by SunPower clients.
From pv journal USA
SunPower, a residential photo voltaic and power companies supplier, introduced that it has secured a $550 million mortgage buy dedication from personal fairness agency KKR & Co.
“Residential photo voltaic is a key focus space for our Asset-Primarily based Finance enterprise,” stated Avi Korn, managing director of KKR’s credit score group.
SunPower’s mortgage packages supply residential clients 25-year phrases to make sure extra predictable electrical energy prices in comparison with risky utility charges. The corporate launched SunPower Monetary in 2021, and its mortgage enterprise grew 99% yearly in 2022. With the SunPower challenge, set up, design, gross sales, financing and guarantee are all offered by one entity.
“With the closing of this transaction, now we have raised adequate capital year-to-date to fund your entire $1 billion of incremental photo voltaic loans for SunPower clients. As demand continues to rise, we count on this extra capital to energy our mortgage reserves by 2024 and allow SunPower to extend entry to the advantages of photo voltaic for extra owners. ,” stated Guthrie Dundas, interim chief monetary officer of Sunpower.
The $550 million dedication follows a $450 million dedication from April 12 offered 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 clients 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 facility grid whereas providing photo voltaic and power storage clients 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 power storage functions. The 2 gadgets, known as SV-BASE13-C and SV-BASE19.5-C, are literally a part of the corporate’s Sunvault power storage collection. 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 enormous 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 clients will work instantly with SunPower to entry its power options, with all of the merchandise, companies, and warranties clients want.
Final Could, the corporate launched the SunPower Onea holistic power administration system designed to interface with dwelling photo voltaic arrays, battery power storage programs, in addition to your entire set of dwelling power masses, 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 power use. It is ready to establish patterns of electrical energy consumption and recommend further actions for saving power payments.
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