Key Equipment Finance, one of the largest bank-held equipment finance companies in the U.S. and an affiliate of KeyCorp (NYSE: KEY), and SunPower Corp. (Nasdaq: SPWRA, SPWRB) announced on Monday a new program to fund up to $50 million in commercial-scale solar systems.
Under the financing program, Key Equipment Finance will offer capital leases and loans to qualified commercial customers and municipal leases to government entities for the construction of SunPower solar power systems. SunPower and local installers in SunPower's dealer network will design and build the systems. The financing is available for qualified customers in the U.S., for projects ranging from 50 kilowatts to one megawatt (MW).
The program streamlines the purchase process for customers, combining the system and installation costs into one predictable monthly payment and allowing qualifying customers to take advantage of available tax benefits and renewable energy incentives, including the 30% federal investment tax credit.
"Key Equipment Finance has extensive experience implementing financing options to meet the needs of small- to mid-sized customers," said Mac Irvin, managing director of SunPower's structured finance group. "We are pleased to leverage their experience to streamline the implementation of clean, renewable solar power for commercial and public customers throughout the U.S., and are confident this program offers SunPower customers and dealers attractive terms and rates."
SunPower has more than 550 large public and commercial solar power systems installed or under contract, representing more than 500 MW. There are more than 900 dealers in the global SunPower dealer network.
Key Equipment Finance (www.KEFonline.com) provides business-to-business equipment financing solutions to businesses of many types and sizes. The company focuses on four distinct markets:
- businesses of all sizes in the U.S. (from small business to large corporate)
- equipment manufacturers, distributors and value-added resellers worldwide
- federal, provincial, state and local governments as well as other public sector organizations
- lease advisory services for larger structured equipment needs including single investor and leveraged leases, securitizations, and structured debt.
Headquartered outside Denver, Colorado, Key Equipment Finance manages nearly $11 billion in assets and originates approximately $3 billion of equipment annually. The company has major management and operations bases in Albany, New York; London, England; Hong Kong, China and Sydney, Australia.
Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $93.3 billion.
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