SunPower is a US residential solar provider that offers residential solar and storage lease programmes. It has secured over US$300 million in project financing commitments from funds managed by Apollo, ATLAS SP Partners and Hannon Armstrong to support those lease programmes. This funding builds on a recent US$175 million capital raise announced earlier this month. SunPower says the financing will allow it to offer more financing options, serve more customers with leases for solar and storage, and expand access to clean energy at scale. Despite the new capital, the company's customer growth has declined over the past four quarters, finishing Q4 2023 with 16,000 new customers versus 23,700 in the same period the prior year. The fundraising comes amid concerns after SunPower breached a credit agreement in December, which had raised doubts about its long-term future. SunPower is a solar-panel manufacturer expanding its residential and commercial businesses with third-party financing. The company announced a $53 million financing from Investec Plc to fund residential projects across eight states. Earlier the same month SunPower secured a $140 million deal with True Green Capital Management to fund commercial projects in five states. Those financings have supported continued expansion while larger residential installers such as Tesla and Vivint Solar have scaled back. The broader market for dedicated deployment funds is contracting — Mercom reported funds for residential and commercial solar fell from $3.5 billion to $2.2 billion year‑on‑year through September 2017. SunPower also faces uncertainty from the Section 201 trade action brought by Suniva (and joined by SolarWorld); the U.S. International Trade Commission found sufficient injury and will issue recommendations to the president.

Total raised

$53M

Funding rounds

1

Latest round

Equity

Latest activity

Oct 2017