SunPower (SPWRA) announced this morning that is has expanded its relationship with Japanese behemoth Toshiba to support Toshiba’s residential s0lar program.  The two companies have worked together in the past under an original 32MW supply deal and today’s announcement adds another 48MW.  The panels will be supplied over the course of the next year.

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"Japan is the leader in Asia in the residential solar market, which is an excellent fit for SunPower’s world-leading, high efficiency solar panels," said SunPower CEO Tom Werner. "We are pleased to extend our partnership with Toshiba, a global business leader, to make high-efficiency SunPower panels available to more homeowners in Japan who value our reliability and guaranteed performance."

Shares of SPWRA aren’t getting a boost on the news as solar stocks continue to suffer.  However, I still believe a healthy recovery rally is on the horizon and leading solar companies like SPWRA will offer outstanding entry points.  The next level of support for SPWRA is around the 13.50 level which is the 200 day moving average.