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SunPower partners up with Tech CU for $1bn investment

Silicon Valley-based SunPower has entered a £1bn partnership with Technology Credit Union (Tech CU) to increase the financing options available to US residential solar customers.

By Ilaria Grasso Macola

Silicon Valley-based SunPower has entered a £1bn partnership with Technology Credit Union (Tech CU) to increase the financing options available to US residential solar customers.

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The partnership, which is a four-year commitment, will give SunPower access to capital for its loan programme.

Understanding the project

 By partnering with Tech CU, SunPower will be able to reduce operating costs by having lower per-watt financing fees. 

The company will also streamline loan applications and contract signing processes for customers, in addition to developing a new financing platform.

By integrating SunPower’s sales and system design tools, the new platform will enable customers to compare cash, lease and loan acquisitions.

This is the first time SunPower has partnered up with the California-based credit union.

Executives respond to the deal

Tech CU CEO Todd Harris said: “The combination of solar energy solutions coupled with finance solutions from providers like SunPower has made a huge difference in terms of making financing and acquiring solar loan systems easier and more mainstream.

“As a leader in solar financing, we are committed to continuing our support to finance solution providers in the solar and green energy space, and we are working on additional projects that will help us expand our loan capacity even more in the future.”

 SunPower executive vice-president Norm Taffe said: “Our new partnership with Tech CU will diversify SunPower’s funding resources while providing our customers with a streamlined process and experience.

“This $1bn commitment will also allow for tens of thousands of SunPower solar systems to be funded over the course of the next four years.”

Tech CU strategic lending partners vice-president Deborah Crouch added: “We are pleased to add SunPower to our growing list of solar funding partners. We look forward to working with them for many years to come.”

Company overview and share price

Founded in 1985, SunPower is a sustainable energy company that focuses on solar power solutions and services, including loans.

In its 35 years of activity, SunPower has generated more than 18 million MWh.

At the moment of writing, the company’s share price is at $7.47, slowly recovering from a negative fall at $6.85 on 1 May. On 29 April, the price peaked at $7.73 – the highest in a month.

With assets worth more than $3bn, Tech CU is one of California’s largest credit unions. Founded 60 years ago, its customer base has widened to 125,000, including big corporations such as eBay, Tesla and Facebook.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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