Google Inc. and SunPower Corp. announced a new program that will provide financing to support about $250 million of residential rooftop solar power lease projects. Both companies are investing in the program, with Google committing up to $100 million and SunPower committing about $150 million.
"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."
This agreement represents Google's sixteenth 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 2 GW, or enough electricity each year to power about 500,000 U.S. homes.