June 25, 2007
Morgan Stanley To Own, Finance Wal-Mart Solar Power Systems
It was announced last week that Morgan Stanley will own and finance solar electric power systems totaling more than four megawatts that SunPower will deploy on seven Wal-Mart facilities in California.
The SunPower solar systems are part of Wal-Mart’s broader initiative to reduce the company’s environmental footprint, and are expected to provide an average of 25 percent of Wal-Mart’s energy usage at each of the seven facilities.
The financing agreement was secured under the SunPower Access program, which allows SunPower customers to purchase solar-generated electricity from a SunPower financing partner as an alternative to outright purchase of the solar power systems themselves.
The customer pays the financing partner for the solar electricity generated over a long-term power purchase agreement. At the end of the term specified under the agreement, the customer typically has the option to renew the agreement, transfer the equipment to a new site, or purchase the system outright from the financing partner.
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