SunPower, a top provider of residential solar technology and energy services, and KKR, a prominent global investment firm, have announced a definite agreement where KKR’s credit funds and accounts will commit to purchasing $550 million in solar energy loans made to SunPower customers.
The transaction, subject to customary post-closing conditions, will support SunPower Financial’s ability to offer attractive loan options to its customers. The interim CFO of SunPower, Guthrie Dundas, has noted that the additional capital raised this year will fund up to $1 billion of incremental solar loans for customers and power their loan bookings volume until 2024.
KKR’s Managing Director, Avi Korn, has expressed enthusiasm about the deal and supporting one of the industry’s leading platforms in providing solar and energy services. SunPower Financial was launched in 2021 to provide an easy solution for purchasing solar and home energy services through a single provider, including design, sales, installation, warranty, and financing. In 2022, SunPower’s loan business saw a 99% YoY growth.