SunPower Signs 15-Megawatt Supply Agreement with Mahindra
Mahindra and SunPower to Collaborate on Multiple Solar Plants in India
Aug 04, 2011, 08:00 ET
SAN JOSE, Calif., Aug. 4, 2011 /PRNewswire-FirstCall/ -- SunPower Corp. (NASDAQ: SPWRA, SPWRB) announced today that Mahindra EPC Services Pvt Ltd has ordered 15 megawatts of SunPower solar panels and SunPower® T0 Tracker technology for delivery by the end of this year. The solar panels will be used by Mahindra for building multiple grid-connected solar power plants in India in the Punjab, Rajasthan and Gujarat regions.
"SunPower offers bankable technology solutions and guaranteed performance," said Parag Shah, Cleantech head of Mahindra. "As a result, we are confident that the solar plants we build will reliably maximize our return on investment while generating clean, renewable power for India."
"Mahindra is a recognized global business leader, and we are pleased to establish this partnership with them in India," said Howard Wenger, president of SunPower's utility and power plant business group. "Using SunPower technology, the most efficient and reliable solar technology available on the market today, Mahindra will be well-positioned for long-term success in solar development."
The SunPower T0 Tracker is a ground-mounted system that rotates the solar panels to follow the sun's movement during the day, increasing sunlight capture by up to 25 percent over conventional fixed-tilt systems. In addition, this technology significantly reduces land use requirements.
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.
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 "to collaborate," "will" and similar expressions to identify forward-looking statements in this press release, including forward-looking statements regarding (a) the sale of 15 megawatts of solar panels and trackers to Mahindra, and (b) the collaboration of SunPower and Mahindra on multiple projects in India. 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, Quarterly Report on Form 10-Q for the quarter ended April 3, 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 trademark of SunPower Corp. All other trademarks are the property of their respective owners.
SOURCE SunPower Corp.
Share this article