Under the financing program, SunPower will enter into power purchase agreements with qualified customers and Wells Fargo will finance the solar power systems that SunPower will design, build, operate, and maintain.

Customers hosting the systems will buy the electricity from SunPower at prices that are competitive with retail rates, providing them with a long-term hedge against rising power prices and the ability to take advantage of the environmental and financial benefits of solar power with no initial capital investment.

The first projects financed under the program include a 1.1MW system for University of California, Merced, and a 1MW system for the Western Riverside County Regional Wastewater Authority.

Scheduled for completion by year end, both will be ground-mounted systems using the SunPower T20 Tracker technology, which follows the sun throughout the day and reportedly delivers up to 30% more energy than fixed-tilt ground systems.

A service of YellowBrix, Inc.