KKR & Co, a private equity firm based in the US, has agreed to buy $550 million in solar energy loans provided to SunPower Corp customers. The US solar technology and energy services provider stated that the action will assist SunPower Financial’s ability to provide consumers with attractive lending options. By purchasing the loan portfolio, credit funds and accounts operated by KKR will be able to increase SunPower’s capacity to provide additional solar loans to $1 billion. The deal is subject to customary post-closing conditions.
SunPower Financial was set up in 2021 to provide solutions for buying solar and other home energy solutions. The company offers services such as design, sales and installation of solar and energy storage systems and offers options for their financing. In September 2022, KKR and the Hero Group signed definitive agreements to invest $450 million in Hero Future Energies (HFE), the renewable energy arm of the Hero Group. The investment in HFE is from KKR’s Asia Pacific Infrastructure Fund. This investment would help HFE’s future growth by expanding its renewable energy capacity and capabilities across technologies such as solar, wind, battery storage, and green hydrogen, as well as into new markets.