Solar start-up Terabase Energy has closed a US$6 million Series A financing round, unveiling an aim to help drive down solar generation costs to below US$0.01/kWh by 2025.
SunPower exceeded its previous guidance for both revenue and shipments in Q2, capitalising on what it said was improving demand for distributed generation.
Reshuffle of company assets comes as firm braces for Q2 2020 slowdown as it lines up funding support, with idled factories set for a gradual return to activity.
Four-year partnership with Technology Credit Union set to bring financial reprieve to firm, forced by pandemic to idle solar factories worldwide and enact sweeping cost cuts.
Firm forecasts fiscal year 2020 GAAP net losses of US$145-195m despite its return to profitability in a year of record roll-out but also ‘disappointing’ execution challenges.
Developer's plan to ensure projects can tap into 30% ITC rate before it tapers follows similar move by installer SunPower, which bought 200MW of panels this week.
The fund can deploy a total of US$2 billion in funding, according to the company. It will be spearheaded by Actis' head of infrastructure Glen Matsumoto.
