SunPower Philippines Manufacturing, Ltd., (SPML) is partnering with IFC to finance SPML's operations in the Philippines.

SAN JOSE, Calif., PRNewswire via COMTEX News Network [WorldofPhotovoltaics.com]

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SunPower Corporation (Nasdaq: SPWRA, SPWRB), a Silicon Valley-based manufacturer of high-efficiency solar cells, solar panels and solar systems, announced today that it has arranged a U.S. $75 million loan commitment from IFC, a member of the World Bank Group. The company’s subsidiary, SunPower Philippines Manufacturing, Ltd., (SPML) is partnering with IFC to finance SPML’s operations in the Philippines.

“SunPower’s partnership with IFC will enable us to drive further improvements to our manufacturing processes, which will allow us to continue delivery of the highest-efficiency solar cells to the global market,” said Dennis Arriola, SunPower’s executive vice president and CFO. “We have been working closely with IFC for more than a year to secure this financing, and we hope to identify additional opportunities in the future.”

“Our relationship with SunPower is an important part of our climate change strategy,” said Dimitris Tsitsiragos, IFC director for global manufacturing and services. “Investing in the solar supply chain further advances our goal to support this reliable, carbon-free source of electricity that can be used in both grid and off-grid connected applications.”

Under the terms of the loan commitment, SPML can draw up to U.S. $75 million over the next two years and the loan must be repaid seven years from the draw down date.

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