SunPower Sells More Than 70 Megawatts in Concentrator Cell Packages for Two
Projects in Inner Mongolia, China
Key Milestone for Company's Joint Venture to Sell, Manufacture and Install
SunPower C7 Solar Concentrator Technology in China
SAN JOSE, Calif., March 25, 2014
SAN JOSE, Calif., March 25, 2014 /PRNewswire/ -- SunPower Corporation (NASDAQ:
SPWR), a leading solar technology and energy services provider, today
announced the sale of more than 70 megawatts (MW) of cell packages to the
Huaxia Concentrated Photovoltaic Power Co., Ltd., joint venture (JV) in Inner
Mongolia, China. These packages will be used for the first phase of two
SunPower™ C7 Tracker (C7) projects, which includes a 20-MW project in Saihan
and a 100-MW project in Wuchuan. Both are located in Hohhot, Inner Mongolia
and completion is expected in 2015.
"Today's announcement is a first step in our aggressive efforts to break into
the Chinese market," said Tom Werner, SunPower president and CEO. "Working
together with our strong local partners, we believe that we can deploy
significant volumes of our SunPower C7 Tracker power plants to help serve
China's growing need for clean power."
The definitive agreement for the Huaxia Concentrated Photovoltaic Power JV was
initially signed in December of 2012, and officially approved and registered
in November of 2013. The JV includes SunPower, Tianjin Zhonghuan
Semiconductor Co., Ltd., Inner Mongolia Power (Group) Co., Ltd. and Hohhot
Jinqiao City Development Company, Ltd. Its focus is to manufacture and deploy
SunPower's proprietary C7 concentrator technology in the Chinese market. To
date, a 300-MW C7 receiver manufacturing facility has been set up in Jinqiao
Development Zone, Hohhot, Inner Mongolia, and a 50-MW production line is now
The C7 combines single-axis tracking technology with rows of parabolic mirrors
that reflect light onto SunPower's high efficiency, third-generation Maxeon
solar cells with efficiencies of up to 24.5 percent. These mirrors will
reduce the number of cells required to generate electricity, lowering the
levelized cost of energy when compared to competing technologies. For
example, a 400-MW C7 power plant requires less than 70 MW of SunPower cells.
Through significant localization of C7 manufacturing and supply chain, and
deployment of the C7 for large-scale power plant projects, it is expected that
this venture will facilitate the development of a low cost, high volume supply
chain and accelerate the cost reduction roadmap of this product.
The capacity of cell packages and power plant projects in this release are
described in approximate megawatts on a direct current (dc) basis.
SunPower Corp. (NASDAQ: SPWR) designs, manufactures and delivers the highest
efficiency, highest reliability solar panels and systems available today.
Residential, business, government and utility customers rely on the company's
quarter century of experience and guaranteed performance to provide maximum
return on investment throughout the life of the solar system. Headquartered in
San Jose, Calif., SunPower has offices in North America, Europe, Australia,
Africa and Asia. For more information, visit www.sunpower.com.
About Tianjin Zhonghuan Semiconductor
Tianjin Zhonghuan Semiconductor Co., Ltd. (TZS) is a Tianjin-based PRC listed
company with a registered capital of RMB 724,244,412. TZS is committed to the
semiconductor energy-efficiency industry and the new energy industry, and is
an integrated high-tech enterprise with research, production, operation and
venture capital functions. Its main products include vertical pulling
monocrystalline, zonemelting monocrystalline, polished wafer, semiconductor
power devices and rectifiers used in the semiconductor energy-efficiency
sector; and monocrystalline silicon used in the new energy sector. These
products are widely applied in smart grid transmission, new-energy vehicles,
high-speed railways, inverters for wind power, integrated circuits, consumer
electronics, aerospace, photovoltaic power, and other areas.
About Inner Mongolia Power Group
IMPC (Group), solely owned by Inner Mongolia Autonomous Region, is the only
provincial-level independent power grid company outside the National Grid and
China Southern Grid. IMPC constructs, operates and manages the power grid
covering 8 Inner Mongolia cities including Hohhot, serving an area of 720
thousand square kilometers and a population of 13.8 million. At the behest of
the Inner Mongolia Autonomous Region, it also manages state owned enterprises
including Power Design, Power Science & Development, Power Construction
About Hohhot Jinqiao City Development Company
Located in Jinqiao Development Zone of Hohhot City, Hohhot Jinqiao City
Development Company is a state-owned company to invest in and finance the
projects related to city infrastructure development and improvement. HJDC was
founded on April 2, 2001, with registered capital of RMB 58M.
This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding: (a) our deploying significant volumes of
our SunPower C7 Tracker power plants in China; and (b) developing a low cost,
high volume supply chain and accelerating the cost reduction roadmap of this
product. These forward-looking statements are based on our current
assumptions, expectations and beliefs and involve substantial risks and
uncertainties that may cause results, performance or achievement to materially
differ from those expressed or implied by these forward-looking statements.
Factors that could cause or contribute to such differences include, but are
not limited to: (1) competition in the industry and downward pressure on
average selling prices; (2) our ability to meet our cost reduction targets;
(3) regulatory changes and the availability of economic incentives promoting
use of solar energy; (4) challenges inherent in constructing and maintaining
large projects; (5) the success of our ongoing research and development
efforts and commercialization of new products and services; (6) manufacturing
difficulties that could arise; and (7) challenges managing our joint ventures.
A detailed discussion of these factors and other risks that affect our
business is included in filings we make with the Securities and Exchange
Commission (SEC) from time to time, including our most recent reports on Form
10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of
these filings are available online from the SEC or on the SEC Filings section
of our Investor Relations website at investors.sunpower.com. All
forward-looking statements in this press release are based on information
currently available to us, and we assume no obligation to update these
forward-looking statements in light of new information or future events.
SUNPOWER and Maxeon are registered trademark of SunPower Corporation in the
U.S. and other countries. All other trademarks are the property of their
SOURCE SunPower Corp.
Contact: Helen Kendrick, SunPower Corp., email@example.com, +1 408 240
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