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Apollo, Other Investors Commit $300 Million in Boost to SunPower

(Bloomberg) —

SunPower Corp. secured more than $300 million in new financing commitments Friday, a possible sign of renewed investor confidence in the solar company. 

Funds managed by Apollo, ATLAS SP Partners and Hannon Armstrong Sustainable Infrastructure Capital Inc. committed the investments to bolster SunPower’s residential solar and storage lease programs. The rooftop solar company recently raised $155 million of financing from its majority shareholders to ease a cash crunch. Terms of the new financial commitments were not disclosed. The company’s shares, which had slipped more that 33% this year, increased 1.42% at 10 a.m. in New York.

Read more: Solar CEO’s Vision of 3,200% Sector Growth Foiled by High Rates

The residential solar company struggled after a unit defaulted last year on a credit agreement by failing to file a document on time. Like other rooftop companies, SunPower has faced pressure from policy shifts and high borrowing rates. 

Under the latest deal, SunPower can now access more than $500 million of capital if it meets certain “funding conditions,” the company said in a statement. Its former chief executive officer Tom Werner also returned as executive chair earlier this week.

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