SunPower Corporation (SPWRA - Analyst Report) has received an order for 75,000 high efficiency SunPower solar panels from Akuo Solar, a subsidiary of Paris-based Akuo Energy. Akuo Solar will utilize these panels for its planned 24-megawatt solar development project consisting of two power plants located in the Provence-Alps-Cotes d'Azur region in southern France.
Akuo Energy is a French independent power producer specializing in developing, financing and operating power plants from renewable resources and has already partnered with SunPower on projects exceeding 30 megawatts.
The E19/320 watt high efficiency solar panels will be integrated into fixed-tilt, ground mounted systems for both the power plants. Akuo Solar has begun construction of these power plants that are scheduled to be completed before the end of 2011. The two solar facilities together are expected to generate about 36 gigawatt hours of electricity annually.
SunPower’s highly efficient and reliable solar panels will help Akuo Energy to maximize the amount of installed peak power while using less land and reducing the carbon footprint.
SunPower’s customer base is spread across North America, Europe, the Middle East, Asia and Australia. In addition to a sizeable presence in the US, it is already focusing on improving market share in France, Germany, Italy, Spain and Japan, while gaining new ground in emerging markets like Greece, Israel and Malta. The company is also increasing its global market presence within the residential and commercial sectors.
Looking ahead, SunPower seeks to establish itself as the leader in high performance solar power products. The company continues to invest in research and development to improve solar cell efficiency, lower manufacturing costs, reduce wafer thickness, improve throughput, process yield and quality. The company presently retains a short-term Zacks #3 Rank (Hold). We have a long-term Outperform recommendation on the stock.
Headquartered in San Jose, Calif. SunPower Corporation designs, manufactures and delivers the highest efficiency, highest reliability solar panels and systems. Residential, business, government and utility customers rely on the company's guaranteed performance to provide maximum return on investment throughout the life of the solar system. The company competes head-to-head with Suntech Power Holdings Co. Ltd. (STP - Analyst Report).