KKR Purchases $550 Million Loan Of SunPower

North American residential solar technology and energy services provider SunPower and global investment firm KKR have signed a definitive agreement under which credit funds and accounts managed by KKR will commit to purchasing $550 million of solar energy loans made to SunPower customers.

This transaction is expected to support SunPower Financial’s continued ability to offer attractive loan options to its customers in the United States.

Guthrie Dundas, CFO, SunPower, said, “With the closing of this transaction, we have raised sufficient capital year-to-date to fund a total of $1 billion of incremental solar loans for SunPower’s customers.  As demand continues to rise, we expect this additional capital will power our loan bookings volume into 2024 and enable SunPower to increase access to the benefits of solar for more homeowners.”

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Avi Korn, Managing Director at KKR, also held that residential solar is a key area of focus for their Asset-Based Finance business.

SunPower launched SunPower Financial in 2021 to help make switching to solar even easier. With SunPower Financial, the firm offers an easy solution for purchasing solar and other home energy services through a single provider, including design, sales, installation, warranty and financing.

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The firm offers solar + storage solutions designed and warranted by one company that give customers control over electricity consumption and resiliency during power outages while providing cost savings. In 2022, SunPower said that its loan business grew 99% year-over-year.

The firm recently secured financing commitments of more than $450 million for its loan program from HASI and Crédit Agricole CIB. The vehicle will acquire loans made to SunPower customers and is non-recourse to SunPower.

KKR, on the other hand, had recently committed $250 million funds to Indian renewable energy firm Serentica Renewables.