SunPower Signs $140 Million Agreement To Fund US Commercial Solar Projects

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SunPower announced earlier this month that it had signed with True Green Capital Management to establish a $140 million portfolio of 50 megawatts worth of solar assets, of which the first 4.6 megawatt SunPower system is already currently under construction.

SunPower, one of the world’s leading solar companies, announced on October 5 that it had signed a collaboration with True Green Capital Management (TGC), a privately-owned specialized energy infrastructure asset management firm, to establish a $140 million portfolio of assets representing around 50 MW (megawatts) of SunPower solar energy systems. As part of the three-year agreement, SunPower will deliver turn-key distributed solar electricity projects which will then be acquired by TGC, while SunPower will be responsible for engineering, procurement, and construction.

The collaboration will focus on solar projects with solar renewable energy credits, as well as those projects with integrated storage components, focusing on California, Connecticut, Maryland, Massachusetts, New Jersey, and Washington, DC.

Already 5 MW of SunPower installations set to be included in the portfolio are under construction in the state of Massachusetts, and the collaboration already boasts an impressive and extensive pipeline of commercial projects under development.

“We’re pleased to team up with TGC to advance the growth of the US commercial solar market in states where there is enormous potential for businesses, universities and municipalities to benefit from clean and cost effective solar energy delivered by SunPower’s market leading solar solutions,” said Nam Nguyen, SunPower executive vice president. “TGC brings innovative financing capabilities that will enable us to offer competitive and creative financing to our customers in the Northeast.”

“While U.S. electricity demand is on the rise, many U.S. states face closures of old coal and nuclear power plants, so we see huge potential in meeting that need with distributed solar power, especially in the Eastern U.S. where states are aggressively investing in solar photovoltaics,” said Panos Ninios, True Green Capital managing partner. “We’re excited to partner with SunPower, a U.S.-headquartered industry leader that is uniquely positioned to excel in the commercial solar market with its differentiating solar solutions, and its proven experience deploying them for commercial, industrial, and public customers across the nation.”