new Sunpower financing for commercial projects

PRNewswire-FirstCall/
Key Equipment Finance, one of the largest bank-held equipment finance companies
in the U.S. and an affiliate of KeyCorp (NYSE: KEY), and
SunPower Corp. (Nasdaq:
SPWRA, SPWR, a U.S.-based manufacturer of high efficiency solar cells, solar
panels and solar systems, today announced a new program to fund up to $50
million in SunPower commercial-scale solar systems.

Under the financing
program, Key Equipment Finance will offer capital leases and loans to qualified
commercial customers and municipal leases to government entities for the
construction of SunPower solar power systems. SunPower and local installers in
SunPower’s dealer network will design and build the systems. The financing is
available for qualified customers in the U.S., for projects ranging from 50
kilowatts to one megawatt. 

The program
streamlines the purchase process for customers, combining the system and
installation costs into one predictable monthly payment and allowing qualifying
customers to take advantage of available tax benefits and renewable energy
incentives, including the 30 percent federal investment tax credit.

“SunPower is
without a doubt an experienced, innovative technology leader developing solar
solutions for customers worldwide,” said Adam Warner, president of Key
Equipment Finance. “The company is focused on maximizing return on
investment and making it easier for companies of all types and sizes to acquire
solar technology, as evidenced by this partnership. Together with SunPower, we
designed this equipment finance program with the customers’ budget in
mind.”

“Key Equipment
Finance has extensive experience implementing financing options to meet the
needs of small- to mid-sized customers,” said Mac Irvin, managing director
of SunPower’s structured finance group. “We are pleased to leverage their
experience to streamline the implementation of clean, renewable solar power for
commercial and public customers throughout the U.S., and are confident this
program offers SunPower customers and dealers attractive terms and rates.” 

SunPower has more
than 550 large public and commercial solar power systems installed or under
contract, representing more than 500 megawatts. There are more than 900 dealers
in the global SunPower dealer network.

About SunPower

Founded in 1985,
SunPower Corp. (Nasdaq: SPWRA, SPWR designs, manufactures and delivers the
planet’s most powerful solar technology broadly available today. Residential,
business, government and utility customers rely on the company’s experience and
proven results to maximize return on investment. With headquarters in San Jose,
Calif., SunPower has offices in North America, Europe, Australia and Asia. 

About Key Equipment
Finance

Key Equipment
Finance is an affiliate of KeyCorp (NYSE: KEY) and provides
business-to-business equipment financing solutions to businesses of many types
and sizes. The company focuses on four distinct markets:

               
businesses of all sizes in
the U.S. (from small business to large corporate);

               
equipment manufacturers,
distributors and value-added resellers worldwide;

               
federal, provincial, state
and local governments as well as other public sector organizations;

               
lease advisory services
for larger structured equipment needs including single investor and leveraged
leases, securitizations, and structured debt. 

Headquartered
outside Denver, Colorado, Key Equipment Finance manages nearly $11 billion in
assets and originates approximately $3 billion of equipment annually. The
company has major management and operations bases in Albany, New York; London,
England; Hong Kong, China and Sydney, Australia. The company, which supports
clients in over 40 countries, employs approximately 700 people worldwide and
has been in the equipment financing business for over 35 years. Additional
information regarding Key Equipment Finance, its products and services can be
obtained online at <a href="http://www.kefonline.com.
http://www.kefonline.com.<span style=”font-size:10.0pt;
mso-bidi-font-size:12.0pt”>

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