SunPower Invests in Australian Renewable Electricity Retailer Diamond Energy

SAN JOSE, Calif. and MELBOURNE, Australia, Oct. 9, 2012 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR) today announced that it has invested in Diamond Energy Pty Ltd (Diamond Energy), a privately-owned, alternative energy project developer and clean electricity retailer headquartered in Melbourne, Australia. Aligning with Diamond Energy will allow SunPower to offer more comprehensive and customizable clean energy solutions for customers in Australia.  The unique partnership creates a one-stop shop for consumers, providing high efficiency solar electric systems, grid-source renewable energy, and retail services such as metering, billing, and management of exported electricity to the grid.  

SunPower has acquired a minority stake of approximately 42 percent in Diamond Energy and under terms of the agreement has an option to increase its ownership percentage over time. SunPower will also assume a seat on the company's board of directors.

"SunPower is taking a step closer to its customers by investing in an electricity retailer like Diamond Energy," said Tom Werner, president and CEO of SunPower Corp. "More customers will see solar as a cost-effective way to meet growing energy demands, especially as the price of conventional grid power increases in Australia. Through this partnership, SunPower and Diamond Energy are poised to deliver affordable, renewable electricity services that cover everything from the generator to the household electricity meter. We look forward to this new venture and expect it to serve as a model for SunPower's continuing evolution into a complete energy solutions provider."

Established in 2004, Diamond Energy specializes in developing, delivering and managing renewable generation, cogeneration and interruptible load projects with a breadth of experience spanning solar, bioenergy, wind and wave technologies. The company currently owns two biogas plants, has power purchase agreements with a number of third-party generators and as Australia's "Solar Friendly Retailer" sells clean energy through its retail divisions to its residential and Commercial Green customers. Diamond Energy holds licenses to deliver electricity across the National Electricity Market (NEM) in Australia.

"This investment by SunPower supports the growth and strengthens Diamond Energy for the upcoming clean energy revolution," said Diamond Energy Managing Director Tony Sennitt. "We generate change here at Diamond, and through this relationship we will be able to bring the world's most efficient and reliable solar technology to a broad range of households and businesses throughout Australia at affordable prices. We look forward, with SunPower's support, to expanding the business into a shining, renewable example of what can be achieved when innovative value is delivered to customers."

SunPower and Diamond Energy will also work to grow development of commercial and utility solar power projects in Australia, leveraging SunPower's experience delivering more than 1,000 megawatts of cost-competitive, large-scale solar power systems worldwide. With a presence in the country since 2008, SunPower has deployed the utility-scale Uterne solar power plant in Alice Springs and delivered commercial-scale solar power systems for customers such as Crowne Plaza Hotel, Perth Zoo, Central Institute of Technology and Midland Redevelopment Authority.

About SunPower

SunPower Corp. (NASDAQ: SPWR) 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, Africa and Asia. For more information, visit www.sunpowercorp.com.

SOURCE SunPower Corp.