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Citi And Credit Suisse Team With SunPower To Provide Financing For Up To $325 Million Of Residential Solar Lease Projects

Stocks in this article: C CS SPWR

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.

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