SunPower Corp. gets $75M loan promise for Philippines plant (San Francisco)
Solar panel maker SunPower Corp. got a loan commitment for $75 million from World Bank Group member IFC to improve a factory in the Philippines.
San Jose-based SunPower (NASDAQ: SPWRA) will spend the money on its SunPower Philippines Manufacturing Ltd. unit.
Chief Financial Officer Dennis Arriola said SunPower worked for a year to get this loan. The Philippines factory can draw up to $75 million over the next two years, and must pay it back seven years from the date it takes out the money.
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