Sunpower (SPWR) Gets $100 Million In Wells Fargo (WFC) Financing

The news of the Wells Fargo/Sunpower financing deal after the bell yesterday is great news for Sunpower and the industry in general.  This is the kind of deal that can truly get solar power moving in the right direction.. and quickly.  Private financing is key.  Wells Fargo has now provided more than $1.75 billion in financing for alternative energy projects in the last three years and is looking to provide more.

“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.”

Under terms of the deal, SunPower will get purchase power agreements from qualified customers and Wells Fargo will finance the solar systems setup by Sunpower.  Customers hosting the solar power systems will buy the electricity directly from Sunpower at prices competitive with retail rates, providing a long term hedge against rising prices with no initial capital investment.

The first projects are already under way with this program and scheduled to be completed by year end.  They are ground mounted systems, using the Sunpower T20 Tracker technology which follows the movement of sun, providing up to 30% more energy.  They include a 1.1MW system for the U of Cali and a 1MW system for the Western Riverside County Regional Wastewater Authority.

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