SAN JOSE, Calif., Sept. 19, 2016 /PRNewswire/ -- Evolving its
partnership that began in 2010, SunPower Corp. announced today that
it is purchasing AUO's portion of the two companies' joint venture
which manufactures solar cells at an 800 megawatt (MW) fabrication
facility in Melaka, Malaysia.
"The solar industry expects continued growth for the foreseeable
future, as solar power becomes increasingly cost effective in many
countries," said Tom Werner,
SunPower President and CEO. "Acquiring AUO's stake in the Malaysian
joint venture gives us sole control over our highest performing
solar cell fab and will allow for technology upgrades and further
expansion of our high efficiency solar cell technology as market
conditions warrant."
Under the stock purchase agreement, SunPower will pay AUO
$170 million over the next four
years. SunPower has also signed a supply agreement with AUO
for 100 MW of SunPower's E-series solar panels. AUO also will
remain a wafer supplier to SunPower. This transaction
resolves a dispute between the two companies.
"Consistent with our previous comments, SunPower is working to
increase our future manufacturing capacity for our highest-value
products while driving down costs," Werner said. "We will
thoughtfully manage capacity during the current industry
volatility, but we are committed to being a leading upstream
industry participant over the long term, leveraging our unique,
high value solar panel technologies. Purchasing AUO's portion of
the Melaka joint venture is an opportunity for us to enable
technology upgrades, cost reductions and future expansion
consistent with this strategy."
SunPower plans to eventually upgrade the Melaka facility, which
has been recognized by the International Energy Agency for its
superior energy-efficient design and Leadership in Energy and
Environmental Design (LEED) acknowledgement. The facility includes
infrastructure built to allow for significant future capacity
growth.
Contingent on various conditions, the transaction is expected to
close by the end of the month.
About SunPower
As one of the world's most innovative and sustainable energy
companies, SunPower (Nasdaq: SPWR) provides a diverse group of
customers with complete solar solutions and services. Residential
customers, businesses, governments, schools and utilities around
the globe rely on SunPower's more than 30 years of proven
experience. From the first flip of the switch, SunPower delivers
maximum value and superb performance throughout the long life of
every solar system. Headquartered in Silicon Valley, SunPower has
dedicated, customer-focused employees in Africa, Asia,
Australia, Europe, North and South America. For more information about how
SunPower is changing the way our world is powered,
visit www.sunpower.com.
SunPower Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but not limited to, statements regarding future
expansions and upgrades, manufacturing capacity and upgrades, and
expected transaction timing. These forward-looking statements are
based on our current assumptions, expectations and beliefs and
involve substantial risks and uncertainties that may cause results,
performance or achievement to materially differ from those
expressed or implied by these forward-looking statements. Factors
that could cause or contribute to such differences include, but are
not limited to: challenges inherent in constructing certain of our
large projects, maintaining or increasing our manufacturing
capacity, containing associated costs, and manufacturing
difficulties that could arise. A detailed discussion of these
factors and other risks that affect our business is included in
filings we make with the Securities and Exchange Commission (SEC)
from time to time, including our most recent reports on Form 10-K
and Form 10-Q, particularly under the heading "Risk Factors."
Copies of these filings are available online from the SEC or on the
SEC Filings section of our Investor Relations website at
investors.sunpowercorp.com. All forward-looking statements in this
press release are based on information currently available to us,
and we assume no obligation to update these forward-looking
statements in light of new information or future events.
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SOURCE SunPower Corp.