Hannon Armstrong Sustainable Infrastructure Capital (HASI) has expanded its "partnership" with SunPower by loaning it $44.5 million to help ramp up its rooftop leasing arm.
The non-recourse debt will help finance SunPower's residential solar lease programme, on which more than 20,000 people in the US are already enrolled.
The financial terms of the loan were not disclosed.
"The transaction allows SunPower to leverage existing lease assets and expand its programme while increasing its cash position and strengthening its balance sheet," said San Jose, California-based SunPower in a statement.
This is the second time that HASI has loaned money to the programme this year – the two firms announced a $42 million non-recourse debt financing in early April.
"We continue to be impressed with the quality of SunPower's technology and we are pleased to be able to participate in supporting the expansion of its residential service offerings," said Jeffrey Eckel, president and CEO of Annapolis, Maryland-based HASI. "The expanded partnership with SunPower is consistent with our strategic growth initiatives, as we continue to target economic, reliable and sustainable distributed energy assets that generate a sustainable yield."
HASI, which specialises in renewables and energy efficiency investments, raised $167 million last year through an initial public offering on the New York Stock Exchange. In May, it followed this up with a secondary listing that raised $74.75 million.
Peter Cripps
