Under the financing program, SunPower will enter into power purchase agreements with qualified customers and Wells Fargo will finance the solar power systems that SunPower will design, build, operate, and maintain.
Customers hosting the systems will buy the electricity from SunPower at prices that are competitive with retail rates, providing them with a long-term hedge against rising power prices, and the ability to take advantage of the environmental and financial benefits of solar power with no initial capital investment.
“We see increasing opportunities over the next several years to support renewable energy markets,” said Barry Neal, director of Wells Fargo’s Environmental Finance. “By teaming up with SunPower, we intend to support growth in the solar energy market by making it easier and more affordable for businesses and public entities to benefit from solar electricity today.”
The first projects financed under the program include a 1.1 MW system for the University of California, Merced, and a 1 MW system for the Western Riverside County Regional Wastewater Authority.
Scheduled for completion by year end, both will be ground-mounted systems using the patented SunPower T20 Tracker technology, which follows the sun throughout the day and delivers up to 30% more energy than fixed-tilt ground systems.