Solar company SunPower (SPWR) saw its stock jump after announcing a program with Google (GOOG) to support some $250 million of residential solar lease projects.
Google has pledged up to $100 million and SunPower is putting forth $150 million for the project.
The companies expect that thousands of homeowners will finance solar power systems through SunPower solar leases via the program (some 20,000 US residents already lease from SunPower).
SPWR stock jumped some 16% after the initial news but has fallen today in early morning trading.
“We’re pleased to team with SunPower to make solar power accessible to more homeowners, and offer families a more effective way to reduce their carbon footprint,” said Google’s Kojo Ako-Asare, head of corporate finance. “Google is committed to promoting the efficient use of resources and expanding the use of renewable energy. Our partnership with SunPower makes good business sense and supports our goals for a clean energy future.”
Google has made it a priority to invest in renewable energy — putting some $1 billion into these programs — with this project being its 16th such investment and third solar residential investment.
GOOG noted that it had invested across a range of renewable energy technologies worldwide, together generating “more than two gigawatts, or enough electricity each year to power approximately 500,000 U.S. homes.”
SunPower is expected to report its earnings after the bell on Thursday.
GOOG stock is down 4% year to date. SPWR stock is up3% year to date.