The news of the Wells Fargo/Sunpower financing deal after the bell yesterday is great news for Sunpower and the industry in general. This is the kind of deal that can truly get solar power moving in the right direction.. and quickly. Private financing is key. Wells Fargo has now provided more than $1.75 billion in financing for alternative energy projects in the last three years and is looking to provide more.
“We see increasing opportunities … Read the rest
Sunpower (SPWRA) is announcing this morning that Jabil Circuit (JBL) will begin helping the company ramp up solar panel manufacturing for key North American markets and will build the panels in Mexico within a few months. It’s part of a long term strategy to improve customer service and reduce costs.
Jabil will also work with Sunpower in the Solar America Initiative (SAI), a US Dept of Energy program to accelerate the advancement of solar technologies. … Read the rest
Sunpower just announced that it will work with Certified Steel and Nexus Properties to build a 1.2 MW solar PV system. The system will power Certified Steel’s plant in New Jersey. The installation will use SunPower’s monocrystalline-silicon panels and will supply almost all the energy the plant needs. The project is being financed through the Public Service Enterprise’s (PSE&G) solar loan program, according to PVTech.org.
"The solar loan program has provided a level of economic … Read the rest
Exelon and Sunpower just announced that they will work together to build the largest urban PV plant in the country in Chicago. The plant, which will be capable of generating 10MW of solar power, should be up and running by the end of this year. The plant will be located on a brownfield property, putting that property back into productive use.
The plans hinge on Exelon receiving money from the federal stimulus program for the … Read the rest
Update: Now it’s being dumped after hours.. down about 10%.
Sunpower (SPWRA) is out with earnings after the bell and missed badly reporting non GAAP EPS of just .05 share vs consensus estimates of .39. Revenues came in about 20% lower than the year ago quarter at $214 million which is considerably lower than estimates of $269.
The CEO commented that the quarter was the most challenging in its history, but despite the headwinds was … Read the rest
SunPower (SPWRA) will begin supplying its high efficiency solar panels and Tracker technology beginning next year to FPL Group (FPL) it was announced today. It’s also being announced that the the company will locate a research and development center employing up to 50 employees in Florida if the state government continues to support the deployment of additional solar energy. This is follow on work to previous partnerships. No word on the size of this deal. … Read the rest
Xcel Energy and SunPower are working together to build a 17 MW PV solar plant in Colorado. The plant is expected to be finished 2010, and will be the second-largest high-efficiency solar PV power plant in North America. SunPower’s Tracker system will be utilized to increase power generation from the plant.
In a company press release, leaders from both companies commented on the announcement:
We believe that solar power generation will play an increasingly … Read the rest
Florida Power and Light is partnering with SunPower to supply selected Florida schools with solar power stations. 6 Florida schools will receive 5 KW solar panels models as part of FPL’s Next Generation Solar Education Station program. The solar modules will reduce the school’s power bills by $800 per year, as well as providing a teaching tool for children to learn about solar energy. The modules will be set up at ground level so that … Read the rest
SunPower just announced the completion of a joint project with the Rancho California Water District.
The 1.1 MW project, located at the RCWD’s Murrietta water treatment plant, is now up and running. The project will provide emissions-free power to cover some of the energy used by the water treatment plant, saving the water district up to $6.8 million over the next 20 years.
Here’s what Tom Werner, SunPower’s CEO, had to say about the project:… Read the rest
A couple of analyst notes out this morning on Sunpower (SPWRA) according to StreetInsider.com.
Collins Stewart has initiated coverage on Sunpower with a Sell rating and a price target of $20 due to the following:
– rapid price deterioration
– trading at premium valuation relative to its peers
– production costs higher than competitors
– key financial metrics related to asset and capital efficiency below that of peers
Broadpoint downgraded to Neutral and lowered … Read the rest