SunPower and U.S. Bancorp to Finance Residential Solar Lease Projects

    SunPower and U.S. Bancorp to Finance Residential Solar Lease Projects

SunPower Lease Offers "Zero-Down" Financing and Direct-from-Manufacturer
Performance Guarantee

PR Newswire

SAN JOSE, Calif., Jan. 31, 2013

SAN JOSE, Calif., Jan. 31, 2013 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR)
today announceda new program with U.S. Bancorp (NYSE: USB) to expand
financing options available to homeowners interested in high-efficiency
SunPower solar power systems, the most efficient solar technology available
today. Two to three thousand homes are expected to benefit from the new
program.

"U.S. Bank is pleased to help advance SunPower's efforts to make renewable
energy accessible to more American homeowners," said Darren Van't Hof,
director of renewable energy investments for U.S. Bancorp."With residential
solar systems, more families can take control of their electricity bills and
deliver the environmental and health benefits of solar power to their
community."

The new program will provide financing for $100 million of residential
systems, expanding leasing options in nine states. Both SunPower and U.S.
Bancorp invested in the program, their first renewable energy partnership.

"The SunPower Lease program offers homeowners an unprecedented level of
assurance that is vitally important when a homeowner enters into a long-term
lease agreement," said SunPower CFO Chuck Boynton. "We are proud to partner
with U.S. Bancorp and applaud its commitment to promoting the use of solar
power."

The SunPower Lease is now available in Arizona, California, Colorado, Hawaii,
Massachusetts, New Jersey, New York, Pennsylvania and Vermont. In addition to
low monthly payments with zero down, the program includes the only
direct-from-manufacturer performance guarantee.

"SunPower is the leading manufacturer of rooftop solar power systems in the
U.S. because our customers know they can rely on high-efficiency SunPower
technology to maximize the power generated on their roof – and their monthly
savings," said Howard Wenger, SunPower president, regions. "Our popular lease
program allows customers to have the best solar for zero down."

About SunPower

SunPower Corp. (NASDAQ: SPWR) designs, manufactures and delivers the highest
efficiency, highest reliability solar panels and systems available today.
Residential, business, government and utility customers rely on the company's
quarter century of experience and guaranteed performance to provide maximum
return on investment throughout the life of the solar system. Headquartered in
San Jose, Calif., SunPower has offices in North America, Europe, Australia,
Africa and Asia. For more information, visit www.sunpowercorp.com.

SunPower is a registered trademark of SunPower Corp. All other trademarks are
the property of their respective owners.

Forward-Looking Statements

This news release has forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
do not represent historical facts and may be based on assumptions. The company
uses words and phrases such as "to finance," "to expand," "expected to," "will
provide," and similar statements to identify forward-looking statements in
this press release, including forward-looking statements regarding U.S.
Bancorp and SunPower providing financing to support $100 million of
residential solar lease projects of SunPower. Such forward-looking statements
are based on information available to the company as of the date of this
release and involve a number of risks and uncertainties, some beyond the
company's control, that could cause actual results to differ materially from
those anticipated by these forward-looking statements, including risks and
uncertainties such as: (i) success of the residential lease program; (ii)
increasing supply and competition in the industry and lower average selling
prices, impact on gross margins; (iii) the risk of continuation of supply of
products and components from suppliers; (iv) systems qualifying for financing
under this program; (v) U.S. Bancorp continuing to provide financing under the
program; and (vi) other risks described in the company's Annual Report on Form
10-K for the year ended January 1, 2012, Quarterly Reports on Form 10-Q for
the quarters ended April 1, 2012, July 1, 2012 and September 30, 2012 and
other filings with the Securities and Exchange Commission. These
forward-looking statements should not be relied upon as representing the
company's views as of any subsequent date, and the company is under no
obligation to, and expressly disclaims any responsibility to, update or alter
its forward-looking statements, whether as a result of new information, future
events or otherwise.



SOURCE SunPower Corp.

Website: http://www.sunpowercorp.com
Contact: Ingrid Ekstrom, SunPower Corp., +1-510-260-8368,
iekstrom@sunpowercorp.com
 
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