SunPower Inks Silicon Supply Agreement

It will purchase about $20 million of silicon ingots from REC SiTech.
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Solar cell and panel manufacturer

SunPower

(SPWR) - Get Report

said Wednesday that it signed a silicon ingot supply agreement for 2007 with

REC SiTech AS

, a wholly owned subsidiary of

Renewable Energy Corp. ASA

.

Under the terms of the agreement, SunPower will purchase about $20 million of silicon ingots from REC SiTech, a supplier of monocrystalline ingots to the solar energy industry. The contract builds on previous ingot supply agreements and purchase orders between the two companies.

SunPower said its silicon supply for 2007 remains sufficient for 110 megawatts of cell production.

Shares of the San Jose, Calif.-based company were up 75 cents, or 2.4%, at $32.45 in recent trading Wednesday.

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