Santander Bank has committed to providing a $377 million credit facility to one of SunPower’s holding companies — Solar Star California XIII — as part of a recent deal to partially fund the solar company’s 135 MW Quinto Solar Energy Project in California.
As per the SEC filing, this number includes $318 million in construction loans for the project. As of July, SunPower possessed roughly 500 MW worth of assets in its various holding companies.
This news came just before SunPower’s quarterly financials call, which put the company in good light.
“SunPower Corp, the second largest US-based solar panel manufacturer, announced its third quarter earnings Wednesday, reporting strong growth over previous quarters, beating analyst estimates and amassing an 8 GW pipeline,” Joshua Hill wrote over on sister site CleanTechnica.
“The company reported a net income of $32 million, up from $14.1 million a quarter earlier but significantly down on its $108.4 million figure of a year ago — a figure which represents an industry-wide slump as demand slowed under inventory supply.”
SunPower is one of the most integrated and broadest solar power companies in the world. It produces solar cells and solar panels. It also develops residential and commercial projects.
“Our third-quarter results reflect another strong quarter of execution, driven by significant demand for both distributed generation and power plant systems,” said Tom Werner, SunPower president and CEO.
“Solar power is increasingly competitive with traditional energy sources in a number of markets, and we are well positioned to capitalize on this large opportunity by virtue of our industry-leading technology, competitive cost structure, substantial project pipeline, and ongoing manufacturing capacity expansion.”