BofA Merrill teams with SunPower on first major financing of US residential solar

January 28, 2014
Facebook
Twitter
LinkedIn
Reddit
Email

SunPower has secured a US$220 million loan from Bank of America Merrill Lynch (BofAMerrill) to support its next wave of residential solar lease projects in the US.

This is the first time BofAMerrill has supported SunPower’s residential lease business, although the companies have worked together since 2009, on financing large solar projects for public agencies in California.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

BofA Merrill noted that it had in place a 10-year, US$50 billion environmental business plan to help address climate change.

Todd Karas, head of renewable energy finance at BofA Merrill said: “With this investment in residential solar systems, we are expanding our portfolio of solar installations with SunPower beyond commercial and government entities to now include installations in individual homes. This is consistent with our firm's overall 10-year, US$50 billion environmental business initiative to help address climate change, reduce demands on natural resources and advance lower-carbon economic solutions.”

According to Chuck Boynton, CFO at SunPower, the company had more than 20,000 customers signed to its lease program in the US. 

Read Next

Premium
December 15, 2025
Imperial Star's DomesticIQ calculator aims to bring some clarity to the complexities of navigating US solar domestic content requirements.
December 15, 2025
Solar manufacturer SEG Solar has started construction on a 3GW ingot and wafer manufacturing plant in Indonesia.
December 15, 2025
Spanish renewables developer Acciona Energia has sold a 49% minority stake in a 1.3GW US solar PV project portfolio.
December 15, 2025
France has awarded 507.7MW of solar PV capacity in its latest technology neutral auction, with only solar projects selected.
December 15, 2025
Soltec has begun the process of transferring 80% of its share ownership to European investment firm DVC Solutions.
December 15, 2025
Solar manufacturer Maxeon has filed a new patent infringement lawsuit against fellow PV manufacturer Aiko before the Munich Regional Court I in Germany.

Upcoming Events

Upcoming Webinars
December 17, 2025
2pm GMT / 3pm CET
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 24, 2026
Dallas, Texas
Solar Media Events
April 15, 2026
Milan, Italy
Solar Media Events
June 16, 2026
Napa, USA