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.