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Alternative Assets  + Private Equity  |  May 8, 2023
KKR, SunPower Strike Deal to Buy $550M Solar Energy Loans
By: Joe Palmisano

KKR, SunPower Strike Deal to Buy $550M Solar Energy Loans

Private equity firm KKR & Co has struck a deal to buy $550 million in solar energy loans made to customers of Richmond, CA-based SunPower, a solar technology and energy services provider.

The deal is expected to raise sufficient capital to fund $1 billion of incremental solar loans for SunPower’s customers, supporting the company’s continued growth and increasing access to solar for more homeowners.

Guthrie Dundas, interim CFO of SunPower, noted that with the additional capital, they anticipate powering their loan bookings volume into 2024.

According to Avi Korn, Managing Director at KKR, “residential solar is a key area of focus for their Asset-Based Finance business”, and they are pleased to support SunPower’s platform to provide solar and energy services.

SunPower launched SunPower Financial in 2021 to streamline the process of purchasing solar and other home energy services through a single provider, including design, sales, installation, warranty and financing. SunPower’s loan business grew 99% year-over-year in 2022.

The $550 million commitment follows a $450 million commitment from HASI and Crédit Agricole CIB last month, two leading climate and sustainability investors. Both credit agreements are non-recourse financing deals.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.