SunPower Signs 48-Megawatt Solar Power Supply Agreement with Toshiba

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Mar 09, 2011, 08:00 ET

SAN JOSE, Calif., March 9, 2011 /PRNewswire/ -- SunPower Corporation (Nasdaq: SPWRA, SPWRB) announced today that, under a strategic supply agreement, Toshiba Corporation (TOKYO: 6502) will order 48 megawatts of high-efficiency solar panels from SunPower during the 2011 Japanese fiscal year ending March 31, 2012. Toshiba will use the panels to support the company's residential solar offering in Japan, which was launched last year with a supply agreement for 32 megawatts of SunPower panels.

"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."

"Since we launched our residential solar business in Japan early last year, we have recorded solid achievements by implementing comprehensive sales and marketing activities, including expansion of sales channels," said Takeshi Yokota, general manager of Photovoltaic Systems Division, Toshiba Corporation. "We look forward to building on this success and increasing market share in Japan by further reinforcing our partnership with SunPower."

About SunPower

SunPower Corp. (Nasdaq: SPWRA, SPWRB) designs, manufactures and delivers the highest efficiency, highest reliability solar panels and systems available today. Residential, business, government and utility customers rely on the company's quarter century of experience and guaranteed performance to provide maximum return on investment throughout the life of the solar system. Headquartered in San Jose, Calif., SunPower has offices in North America, Europe, Australia and Asia. For more information, visit www.sunpowercorp.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts and may be based on underlying assumptions. The company uses words and phrases such as "will" and similar expressions to identify forward-looking statements in this press release, including forward-looking statements regarding the sale of 48 megawatts of solar panels to Toshiba and the use of such panels for residential customers in Japan. Such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as: (i) the company's ability to obtain and maintain an adequate supply of raw materials; (ii) general business and economic conditions; (iii) the continuation of governmental and related economic incentives promoting the use of solar power; (iv) manufacturing difficulties; and (iv) other risks described in the company's Annual Report on Form 10-K for the year ended January 2, 2011 and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the company's views as of any subsequent date, and the company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

SunPower is a registered trademarks of SunPower Corp. All other trademarks are the property of their respective owners.

SOURCE SunPower Corp.