August 08, 2012

Solar panel maker SunPower Corp said it received new commitments from Citigroup Inc and Credit Suisse to finance about $325 million of residential solar lease projects.

SunPower shares, which have fallen 27 percent this year, were up 6 percent at $4.79 on Wednesday morning on the Nasdaq.

The solar lease program has been successful in attracting homeowners who do not want to pay thousands of dollars to install solar systems on their roofs.

Growth in solar installations in the United States has outpaced forecasts in recent months as weak panel prices has lowered costs.

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