SunPower obtains $220M for residential solar lease financing

BofA/Merrill is providing SunPower (SPWR +3.8%) with $220M in financing to support residential solar lease projects. The deal comes four months after scored $100M in residential solar project financing from the Digital Federal Credit Union.

The amount of financing available for U.S. residential solar installations has been soaring, aided by the creation of new investment options. SolarCity began selling solar asset-backed debt last year, and recently bought a startup that allows retail investors to finance solar projects.

SunPower is moving higher amid a broader solar rally. Q4 results arrive on Feb. 12.

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