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 … Read the rest
Two firms are out this morning upgrading Sunpower (SPWRA) which has been crushed this year. Hat tip to Street Insider for the analyst comment.
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Soleil Securities upgraded from Hold to Buy.
“Checks indicate that a large volume of system development business in the PV sector is going to be finalized in the fourth quarter of this year. We believe SunPower will generate over 90 cents per … Read the rest
In recent days, California has proposed legislation that would help kick start smaller scale solar projects (1 – 20MW) using a feed-in-tariff system, but the rates would be set by an open bidding process which would help curb excessive rates for consumers while generating fair returns for the developer. The Renewable Auction Mechanism (RAM) as it’s called is just a proposal at this point, but a final ruling could come within 30 days. It’s likely … Read the rest
Auriga is out with a few solar calls this morning.
It maintains its Hold rating on SunPower (SPWRA) with a price target of $12.
“The quality of SPWRA’s earnings continues to be a problem for us. Through the magic of non-GAAP accounting, SunPower was able to beat the Street consensus of $0.10, while on a GAAP basis the company recorded a loss of $0.06. The story on the call was largely unchanged, with management exuding … Read the rest
Following Sunpower’s (SPWRA) earnings report last night, a few analysts are out with calls today and generally bullish. Hat tip to Street Insider for the analyst comments.
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Ardour Capital upgrades from Hold to Accumlate.
“As Fab 3 ramps production in 2011, we look for increasing scale and throughput to begin to narrow the CPW gap. The Company’s UPP pipeline continues to build, and its premium price … Read the rest
Sunpower (SPWRA) reported mixed results after the bell today, beating on the EPS side, but missing revenue forecasts. The company reported an EPS of .15/share, 5 cents ahead of expectations on revenues of $384 million which as a bit below expectations of $401 million. All in all, a strong quarter for Sunpower (SPWRA) though and the stock has been so crushed so bad that traders are likely looking for an excuse to buy in.
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SunPower (SPWRA) has announced it has put the finishing touches on what is the first solar tracking system in Australia. The 505kW installation for government owned Horizon Power provides power to remote and regional area in Western Australia. The solar system uses SunPower ground mounted solar tracking technology increasing efficiency by following the movement of the sun. The hybrid solar-diesel power stations will produce up to 90% of the daily electricity needs.
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Sunpower (SPWRA) has finished construction on a 1MW solar system for the Yolo Country Justice Campus in California. The system will be owned by the Justice Center which financed the project through clean energy subsidized bonds financed by Bank of America as well as a 15 year loan from the Cali Energy Commission. The project is using the Sunpower Tracker system which tracks the sun’s movement for greater efficiency.
Gleacher & Co. reiterated its Buy ratings on Sunpower (SPWRA) and MEMC Electronic Materials (WFR) today. Hat tip to Street Insider for the analyst comments. The firm has a price target of $19 on WFR which is about 75% above current levels and a $21 price target on Sunpower (SPWRA) which is about 50% above current levels.
On WFR: “WFR is scheduled to report its 2Q10 results on Thursday, July 29, 2010, after the market … Read the rest
SunPower and Solar Ventures just announced that they have signed a new contract to partner on the design and construction of 3 new solar power plants to be located in Italy’s Piedmont region. The plants will have a combined capacity of 11.1 MW. The project is expected to be finished by the end of the year.
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In a press release, Mario Riello, EMEA Sales Director … Read the rest