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US Bancorp, SunPower Invest $100 Million in Rooftop Solar Projects

Feb 1, 2013
Source: 
(Dow Jones Business News)

U.S. Bancorp and SunPower Corp. are investing $100 million in to install solar-power systems on the roofs of about 3,000 U.S. homes, the companies said Thursday.

U.S. Bancorp is the lead investor, while SunPower "has a meaningful stake," SunPower Chief Executive Tom Werner said in an interview.

SunPower, of San Jose, Calif., built its business on solar-panel manufacturing, but the company has increasingly expanded into development of large solar-power plants and smaller home rooftop-solar systems.

Independently owned solar-panel installers who have dealer agreements with SunPower will build the rooftop solar systems using SunPower solar panels under the deal. The solar panels will be installed on the roofs of homeowners who sign a long-term lease agreement with SunPower, agreeing to buy the electricity the systems generate through monthly payments.