SunPower improves Q2 margins, lands $325m in lease funding

US PV manufacturer SunPower significantly improved its gross margin and reduced its losses per share by more than half in the second quarter.

The company reported sales of $595.9m – excluding $54.8m from its power plant construction business – essentially flat from the same quarter a year ago, on 257MW of PV production, up from 205MW. Gross margin increased to 12.3% from 3.3% a year earlier and 9.2% in the first quarter.

California-based SunPower also joined the residential solar leasing party with a $325m financing commitment from Citi and Credit Suisse.

The funding will be used to expand its SunPower Lease offer, which provides US residential customers a 20-year lease agreement, reducing the up-front…

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