Sunpower (SPWRA) Selected For At Least 20MW Of Govt Work

SunPower (SPWRA) has captured a key customer it was announced this morning – the US government.  They will be responsible for installations of solar power at the National Renewable Energy Lab, the General Services Administration as well as the Navy the and Air Force. The government contracts call for a minimum of 20MW in new solar projects.  No word on the financials of the deal. 

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“SunPower has worked with federal agencies since 1999, resulting in the installation of more than 20 MW of solar power systems at government facilities,” said Karen Butterfield, SunPower’s director of federal accounts. “As a result, SunPower has the experience and credibility to successfully navigate the federal procurement process and deliver reliable, high performance solar systems that meet agency requirements. With the addition of a U.S.-based panel manufacturing facility this year, we have also bolstered our ability to serve this growing demand.”

Shares of SPWRA started off well this morning, up about 3%, but have given up all the gains and then some.  Technically, the stock is much improved following Friday’s upgrades.  That led to a high volume move off support around the $10 level which provides me a signal to begin scaling into a long term position on the pull backs.  Great reward vs risk entry down at these levels.

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