UPDATE: SunPower Spikes Higher to $31.40 on Partnership with Google

Google Inc.

and SunPower Corp.

today announced a new program that will provide financing to support approximately $250 million of residential solar lease projects. Both companies are investing in the program, with Google committing up to $100 million and SunPower committing approximately $150 million. Thousands of homeowners are expected to finance solar power systems through SunPower solar leases as a result of this program, joining approximately 20,000 Americans already leasing from SunPower. "We're pleased to team with SunPower to make solar power accessible to more homeowners, and offer families a more effective way to reduce their carbon footprint," said Kojo Ako-Asare, head of corporate finance at Google. "Google is committed to promoting the efficient use of resources and expanding the use of renewable energy. Our partnership with SunPower makes good business sense and supports our goals for a clean energy future." "We're pleased to partner with Google to help make solar accessible to more families and allow those families to take control of their energy costs," said SunPower CFO Chuck Boynton. "With the increased and growing interest in reliable, cost-effective solar from businesses and homeowners alike, Google's leadership is helping take solar mainstream." This agreement represents Google's 16th renewable energy investment and its third residential rooftop solar investment. Overall, Google has invested more than $1 billion in renewable energy projects on three continents and across a range of technologies. Together, these projects can generate more than two gigawatts, or enough electricity each year to power approximately 500,000 U.S. homes.