DOW JONES NEWSWIRES
SunPower Corp. (SPWR) said Morgan Stanley (MS) agreed to provide the company with up to $190 million in financing for future commercial and public agency solar electric power installations.
The California solar cells maker said the financing will be available for qualifying installations it delivers to customers under its SunPower Access program through 2008.
The company said it will jointly own a holding company with Morgan Stanley to finance project companies established for individual installations.
SunPower said the project companies will purchase solar systems and resell the electricity to customers.
In addition, SunPower will finance up to $10 million through the facility.
-Veronica Dagher; 201-938-5400; AskNewswires@dowjones.com
Copyright (c) 2007 Dow Jones & Company, Inc.