SAN JOSE, Calif. (AP) -- Solar panel maker SunPower Corp. said Wednesday that it will receive up to $325 million in financing to support a lease program for residential customers in the U.S.
SunPower said the funding will come from Citi and Credit Suisse. The company says the lease program includes no down payment and a performance guarantee. It is available in Arizona, California, Colorado, Hawaii, Massachusetts, New Jersey, New York, Pennsylvania, and Vermont.
SunPower started the lease program in the third quarter of 2011. As of the end of the first quarter of this year, around 4,500 leases had been signed. SunPower is scheduled to report second-quarter results after the market closes Wednesday.
Shares of SunPower rose 20 cents, or 4.4 percent, to $4.72 in afternoon trading.