SunPower Corp has entered into a USD-1-billion (EUR 919m) partnership with Technology Credit Union (Tech CU) that gives the Silicon Valley-based solar company access to capital for its loan programme.

The new alliance brings a number of benefits for both SunPower and its qualified US residential solar customers, including lower operating costs for the company through reduced per-watt financing fees and a streamlined loan application and contract signing process for clients.

In addition, it will lead to the utilisation of a financing platform integrating SunPower's sales and system design tools that enable customers to compare cash, lease or loan acquisition options.

Norm Taffe, executive vice president of North American Channels at SunPower, commented that this new partnership will diversify the company’s funding resources and “also allow for tens of thousands of SunPower solar systems to be funded over the course of the next four years.”