SunPower & Toshiba Sign 32-MW Supply Deal

SunPower Corp. has confirmed that under a strategic supply agreement, Toshiba Corporation will order 32 megawatts of solar panels from SunPower in 2010. The SunPower panels will form the cornerstone of Toshiba’s new residential solar offering in Japan, to be launched on April 1.

“Toshiba’s residential solar power business will offer homeowners the most efficient solar power systems available, with a focus on quality and reliability,” said Shoji Takenaka, chief technology executive of Transmission Distribution & Industrial Systems Company, Toshiba Corporation. “We are very pleased to work with SunPower, as their solar photovoltaic panels achieve high levels of performance and reliability, and their excellent efficiency supports space-saving solutions that directly meet the needs of consumers in Japan.”

SunPower almost doubled production of its high-efficiency solar cells and panels from 2008 to 2009, with 2009 cell production of approximately 400 megawatts. In 2010, the company intends to expand production further with new manufacturing operations in Malaysia, the United States and Europe.

As part of that European strategy, earlier this year, SunPower signed a definitive agreement to acquire SunRay Renewable Energy, a European solar power plant developer with offices in Europe and the Middle East. SunPower will acquire SunRay from its shareholders, which includes its management and Denham Capital.

The total consideration for the acquisition is approximately US $277 million, including $235 million in cash and $42 million in a letter of credit and promissory notes. Upon closing the transaction, SunPower will acquire a project pipeline of solar photovoltaic (PV) projects totaling more than 1,200 megawatts (MW) in Italy, France, Israel, Spain, the United Kingdom and Greece.

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