SunPower signs syndication

A syndication of six banks has signed a US$350mn credit facility to solar energy provider SunPower.

The facility, which has a maturity of three years, is to cover letters of credit (LC) with the option to raise the maximum amount to US$400mn at the agreement of the parties involved.

The banks involved in the deal are Deutsche Bank, Bank of America Merrill Lynch, Citi, Credit Suisse and Barclays Capital.
The new facility replaces SunPower’s existing US$250mn LC facility.

Dennis Arriola, chief financial officer of SunPower, says: “SunPower’s new letter of credit facility will further support our growing commercial, utility and power plant business in North America and Europe.

“We are also pleased that we have been able to arrange this facility with a syndicate of leading financial institutions and their support reflects confidence in our future growth as well as the bankability of our established technology.”