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SunPower Signs Joint Venture Agreement In China

Stocks in this article: SPWR

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.

About Tianjin Zhonghuan SemiconductorTianjin Zhonghuan Semiconductor Co., Ltd. ( TZS) is a Tianjin-based PRC listed company with a registered capital of RMB 724,244,412. TZS is committed to the semiconductor energy-efficiency industry and the new energy industry, and is an integrated high-tech enterprise with research, production, operation and venture capital functions.  Its main products include vertical pulling monocrystalline, zonemelting monocrystalline, polished wafer, semiconductor power devices and rectifiers used in the semiconductor energy-efficiency sector; and monocrystalline silicon used in the new energy sector. These products are widely applied in smart grid transmission, new-energy vehicles, high-speed railways, inverters for wind power, integrated circuits, consumer electronics, aerospace, photovoltaic power, and other areas.

About Inner Mongolia Power GroupIMPC (Group), solely owned by Inner Mongolia Autonomous Region, is the only provincial-level independent power grid company outside the National Grid and China Southern Grid.  IMPC constructs, operates and manages the power grid covering 8 Inner Mongolia cities including Hohhot, serving an area of 720 thousand square kilometers and a population of 13.8 million.  At the behest of the Inner Mongolia Autonomous Region, it also manages state owned enterprises including Power Design, Power Science & Development, Power Construction companies.

About Hohhot Jinqiao City Development CompanyLocated in Jinqiao Development Zone of Hohhot City, Hohhot Jinqiao City Development Company is a state-owned company to invest in and finance the projects related to city infrastructure development and improvement.  HJDC was founded on April 2, 2001, with registered capital of RMB 58M.

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. SunPower uses words and phrases such as  "agreement to," "will," "expected to," "believe," "expect" and similar expressions to identify forward-looking statements in this press release, including forward-looking statements regarding:  (a) establishment of a joint venture in China; (b) the joint venture successfully manufacturing and deploying C7 concentrator systems; (c) expected C7 deployment by the end of 2013; (d) deploying significant volumes of C7 power plants ; and (e) the development of a low cost, high volume C7 supply chain and accelerating C7 cost reduction roadmap .   Such forward-looking statements are based on information available to SunPower as of the date of this release and involve a number of risks and uncertainties, some beyond SunPower'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 joint venture not able to obtain the approvals required from PRC government for its establishment; (ii) increasing supply and competition in the industry and lower average selling prices, and the joint venture's ability to compete in the Chinese market; (iii) the impact of regulatory changes and the continuation of governmental and related economic incentives promoting the use of solar power, including the timing and magnitude of feed-in-tariff policy in the PRC; (iv) potential difficulties associated with operating the joint venture; (v) the joint venture and SunPower's ability to create a low cost supply chain for C7 and meet cost reduction plans for C7; (vi) the joint venture's ability to obtain and maintain an adequate supply of raw materials and components and the price it pays for such materials; (vii) the joint venture ability to obtain additional financing; (viii) the joint venture's ability to offer a competitive product in the Chinese market at a favorable margin; (ix) general business and economic conditions, including seasonality of the solar industry and growth trends in the solar industry; (x) SunPower's ability to successfully enter the Chinese market and operate internationally; (xi) the joint venture's ability to ramp up manufacturing; (xii) construction difficulties or potential delays, including obtaining land use rights, permits, license, other governmental approvals; (xiii) manufacturing difficulties that could arise; (xiv) trade barriers and potential duties; (xv) SunPower and joint venture's ability to protect intellectual property; and (xvi) other risks described in SunPower's Annual Report on Form 10-K for the year ended January 1, 2012, Quarterly Reports on Form 10-Q for the quarters ended April 1, 2012, July 1, 2012 and September 30, 2012, and other filings with the Securities and Exchange Commission.  These forward-looking statements should not be relied upon as representing SunPower's views as of any subsequent date, and SunPower 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 Corporation in the U.S. and other countries. All other trademarks are the property of their respective owners.

SOURCE SunPower Corp.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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