SunPower announces previously announced investment into residential solar and battery storage
Well known manufacturer of solar technology, Powerwall, and installer, SolarCity, will begin to install residential and commercial projects
To date, the solar market has been fraught with fear and wasted time for an industry growing too fast, especially after policy changes that made solar and battery storage ineligible for certain tax credits
But with late U.S. President Donald Trump’s all-out assault on the renewable energy industry, we might finally see solar take off and accelerate in recent months
New funding for solar installation and storage will create a new market that is expected to grow rapidly and could surpass a billion dollars over the next few years
Palo Alto, CA and Santa Clara, CA – June 6, 2019 – SunPower Corporation (NASDAQ:SPWR), one of the world’s largest solar energy companies, and California-based technology-focused asset manager Tech CU, today announced a $1 billion investment into SunPower’s residential and commercial solar and storage businesses. The investment represents the largest investment in a single asset class by a renewable energy company, and could grow to a billion dollars in the next few years. The technology-focused asset manager joins Sierra Atlantic Advisors, an existing strategic investor in SunPower, as a limited partner.
The investment will enable SunPower to enter new markets that are ripe for growth and also gives SunPower access to a deeper pipeline of low-cost capital through the transformative new investments.
“We are thrilled to bring our long track record in solar and battery storage to bear on the investments needed to push solar and storage mainstream. Our technology-focused partner, Tech CU, has experience in developing emerging technologies and is a long-term investor with the capacity to drive solar and storage in strategic new markets,” said SunPower CEO Tom Werner. “This unprecedented financial support from a non-traditional investor aligns perfectly with SunPower’s long-term strategy to make solar and battery storage available to everyone with the options they desire.”
New capital from SunPower will add residential residential projects throughout the U.S. to its Solar Solutions residential utility scale projects, and will put SunPower in a position to supply batteries for large commercial projects. SunPower’s suite of products will provide more distributed power to consumers and a steady, large-scale source of reliable power for public entities, schools, industrial parks, apartment buildings, and retail centers.
Tech CU chief investment officer Malcolm Whittaker said: “We’re thrilled to support SunPower and its business strategy as it shifts to residential and small-scale commercial markets, where we believe a growing number of policymakers, utilities, and commercial facilities are converging to ensure the elimination of fossil fuels as the dominant source of electricity in 2040.”
“We’re thrilled to be working with SunPower to finance the energy efficiency and clean energy needs of commercial and institutional customers. Solar storage is a game-changer for the grid because it can generate power that is typically not available on demand; it gives operators a tool to accelerate energy storage expansion,” said Mark Sullivan, SVP Residential Power at the Utility Technology Center.
“This capital will not only enable SunPower to execute on their growth plan in the residential market, but is also a great example of downstream asset funding that complements the rest of the Solar Power & Battery Solutions portfolio we announced last year,” said Charles Wolf, Managing Partner at Sierra Atlantic Advisors.
Through Tesla’s Powerwall, SunPower is at the forefront of establishing batteries as a mainstream, enterprise-level technology that people, businesses, and institutions can embrace to reduce their energy costs and the need for old and dirty electricity.