Builds on the recent capital raise to provide SunPower with access to more than half a billion dollars in financing

RICHMOND, Calif., Feb. 23, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR), (the "Company" or "SunPower"), a leading residential solar technology and energy services provider, today announced that it has secured over $300 million in project financing commitments from funds managed by Apollo  (the "Apollo Funds"), ATLAS SP Partners, ("ATLAS SP") and Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("HASI") for its residential solar and storage lease programs, which will be paid upon installation. The transaction supports SunPower's ability to offer a variety of attractive financing options to its customers, advancing its mission to change the way our world is powered.

"SunPower's financing agnostic model is a differentiator in the industry and gives customers the ability to choose the best financing product for their needs," said Peter Faricy, SunPower CEO. "We believe this new commitment will enable us to better serve our growing base as we can now provide significantly more customers with leases for solar and storage solutions, meet the strong demand for our fastest growing financial product and ultimately expand access to clean energy at scale."

Olivia Wassenaar, Head of Sustainability and Infrastructure at Apollo, said, "We are pleased to support SunPower with this innovative financing solution, which strengthens its ability to deliver solar and storage solutions to customers across the country. This transaction demonstrates Apollo's integrated and holistic approach to clean energy investing, leveraging cross-platform expertise from our infrastructure and tax teams, as well as ATLAS SP's origination and financing capabilities, to help drive the energy transition."

Together with its recent capital raise, the Company now has access to more than half a billion dollars of capital, provided the Company meets certain funding conditions. This includes amendments to its existing first lien financing and a second lien term loan from Sol Holding LLC.

Since 2010, SunPower has provided solar lease financing options to customers through its network of residential solar dealers across the U.S., new home builders where the company holds a market-leading position and direct sales teams. SunPower lease contracts made up 73% of SunPower Financial originated volume in the fourth quarter of 2023 compared to 26% in the fourth quarter of 2022.