SunPower's challenge
SunPower Corporation, a global leader in high efficiency solar technology, offers powerful solar solutions to residential, commercial and public utility customers. For customers facing tight budget constraints, SunPower works with them to identify financing solutions. When Lake County, California’s Sanitation District approached SunPower to install a 2.2-megawatt solar system, SunPower turned to GE Energy Financial Services, GE Capital’s specialized energy investment and financing arm, for funding.
Working with GE means not only having a financier, it means having a partner in the project.
GE Capital's strategy
GE Energy Financial Services and SunPower partnered with Lake County on an agreement that provided for the construction, operation, and maintenance of the solar facilities, enabling the County and the Sanitation District to construct solar facilities with no upfront expenditure. GE Energy Financial Services was able to bring its strong track record of financing solar projects and experience working with public-private partnerships to bear, providing Lake County with a clean source of energy and a long-term hedge against fluctuating peak power prices.
The results
Completed in 2009, the Lake County solar installation is helping California meet the goals of the California Solar Initiative to generate 3,000 megawatts of new, solar-produced electricity by 2017, providing 2.2 Megawatts of energy – enough energy to power approximately 550 California households per year.
The Future of Renewables
Middle Market Indicator Q4 2012
