Why SunPower (SPWR) Shares Are Rising

SunPower Corp SPWR shares are trading higher by 4.21% to $13.62 during Thursday's pre-market session after the company announced $450 million in financing commitments.

Additionally, B of A Securities analyst Julien Dumoulin-Smith on Thursday upgraded SunPower from Underperform to Neutral and raised the price target from $14 to $15.

What Happened?

SunPower says it has secured financing commitments of more than $450 million for its residential solar and storage loan program from Hannon Armstrong Sustnbl Infrstr Cap Inc HASI and from Crédit Agricole CIB.

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SunPower says this arrangement will acquire loans made to SunPower customers and is non-recourse to the company.

"We are thrilled to expand our long-standing partnership with SunPower by investing in residential solar and storage loans, further increasing our growth opportunity," said Marc Pangburn, Chief Financial Officer of HASI.

"The ongoing growth of our SunStrong joint venture uniquely enables programmatic transactions that support SunPower in delivering affordable clean energy to its customers."

According to data from Benzinga Pro, SPWR has a 52-week high of $28.42 and a 52-week low of $12.03.