Feb 9 2010
Key Equipment Finance, one of the largest bank-held equipment finance companies in the U.S. and an affiliate of KeyCorp (NYSE: KEY), and SunPower Corp. ( SPWRA, SPWRB), a U.S.-based manufacturer of high efficiency solar cells, solar panels and solar systems, today announced a new program to fund up to $50 million in SunPower commercial-scale solar systems.
Under the financing program, Key Equipment Finance will offer capital leases and loans to qualified commercial customers and municipal leases to government entities for the construction of SunPower solar power systems. SunPower and local installers in SunPower's dealer network will design and build the systems. The financing is available for qualified customers in the U.S., for projects ranging from 50 kilowatts to one megawatt.
The program streamlines the purchase process for customers, combining the system and installation costs into one predictable monthly payment and allowing qualifying customers to take advantage of available tax benefits and renewable energy incentives, including the 30 percent federal investment tax credit.
"SunPower is without a doubt an experienced, innovative technology leader developing solar solutions for customers worldwide," said Adam Warner, president of Key Equipment Finance. "The company is focused on maximizing return on investment and making it easier for companies of all types and sizes to acquire solar technology, as evidenced by this partnership. Together with SunPower, we designed this equipment finance program with the customers' budget in mind."
"Key Equipment Finance has extensive experience implementing financing options to meet the needs of small- to mid-sized customers," said Mac Irvin, managing director of SunPower's structured finance group. "We are pleased to leverage their experience to streamline the implementation of clean, renewable solar power for commercial and public customers throughout the U.S., and are confident this program offers SunPower customers and dealers attractive terms and rates."
SunPower has more than 550 large public and commercial solar power systems installed or under contract, representing more than 500 megawatts. There are more than 900 dealers in the global SunPower dealer network.
Source: http://www.sunpowercorp.com/