U.S. vertically integrated solar developer SunPower Corp. has secured a $377 million credit facility from Santander Bank to develop a 135 MW Californian PV project.
A filing on the U.S. Securities and Exchange Commission (SEC) revealed that SunPowers subsidiary, Star California XIII, has been approved the funds, of which $318 million will be geared towards construction loan commitments, with the remaining $59 million held over for credit commitments.
SunPower Corp. has agreed a complete turnkey EPC agreement to develop the plant, which has secured a 20-year power purchase agreement (PPA) with local utility Southern California Edision (SCE). The Quinto solar plant will be located in Merced County, California.
According to SunPower Corp., the company has approximately 500 MW of commercial, utility and residential solar assets under contract worldwide set up via its holdco strategy, which enables to company to strategically own and operate or sell each project during various stages of its construction and operation.
SunPower's yieldco strategy has earned praise in recent months for presenting to investors the opportunity to geographically diversify their portfolios across key solar markets such as California, China and Japan.
The company recently announced that it had explored the potential of adding around 350 MW of manufacturing capacity in southeast Asia as part of its ongoing expansion plans.
Popular content
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
Share
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.