KKR offers $550 mn to support SunPower Financial

SunPower SunVault energy storage

KKR, a global investment firm, has signed an agreement to purchase $550 million of solar energy loans made to SunPower customers.

This transaction will support SunPower Financial’s ability to offer attractive loan options to its customers.

“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. 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,” said Guthrie Dundas, interim CFO of SunPower.

“Residential solar is a key area of focus for our Asset-Based Finance business,” said Avi Korn, Managing Director at KKR. “We look forward to supporting one of the industry’s leading platforms to provide solar and energy services through this transaction.”

SunPower launched SunPower Financial in 2021 to make switching to solar even easier. SunPower Financial offers a seamless solution for purchasing solar and other home energy services through a single provider, including design, sales, installation, warranty and financing. In 2022, SunPower’s loan business grew 99 percent.