SunPower Sells Power to US Navy - Analyst Blog
15 11월 2011 - 12:15AM
Zacks
SunPower Corporation (SPWRA) has entered into
an agreement with the US Navy under which the former will sell the
electricity generated from the 13.78-megawatt (“DC”) solar
photovoltaic (“PV”) power system to the latter.
SunPower has begun the designing process at Naval Air Weapons
Station China Lake in California and plans to formally announce the
commencement of construction in December this year. An affiliate of
Metropolitan Life, subsidiary of MetLife, Inc.
(MET), will be the owner of the plant that will be leased to a
SunPower affiliate.
Per the agreement, SunPower will design, build, operate and
maintain the solar power system with the aid of its high-efficiency
solar panels that have a 25-year warranty. The solar plant will
feature the cost-effective SunPower Oasis Power Plant product which
is a fully integrated modular solar power block that deploys
utility-scale solar projects rapidly with optimal use of land. Each
power block integrates the SunPower T0 Tracker with the maximum
efficiency SunPower E19 / 425 Solar Panel, pre-manufactured system
cabling and other advanced features.
SunPower's high-efficiency solar technology will generate energy
that is equivalent to more than 30% of China Lake’s annual energy
load and will help in reducing costs by approximately $13 million
over the tenure of 20 years. The company expects to deliver
reliable, emission-free solar power beginning fiscal 2012 end.
Under the 20-year purchase power agreement (PPA), the Naval Air
Weapons Station China Lake will buy the electricity at a rate that
is currently below the retail utility rate, which will provide the
Navy a long-term hedge against rising power prices. The PPA with
the Navy also does not require any initial capital investment.
Recently, SunPower and NRG Energy, Inc. (NRG)
had also announced the formal commencement of construction of the
250-megawatt California Valley Solar Ranch.
SunPower is one of the most forward-integrated solar companies,
focused on moving up the value chain. Looking ahead, SunPower also
seeks to establish itself as the leader in high performance solar
power products.
However, we are concerned about its higher cost structures
vis-à-vis its peers, as well as an oversupply glut of solar panels
in the market, fluctuations in currency exchange ratesand rising
competition. The company presently retains a short-term Zacks #4
Rank (Sell). We have a long-term Neutral recommendation on the
stock.
Recently, SunPower Corporation reported third quarter 2011
adjusted earnings per share of 4 cents, easily beating the Zacks
Consensus Estimate of a loss of 6 cents. However, earnings were
below year-ago earnings of 26 cents per share.
Headquartered in San Jose, California, SunPower Corporation
designs, develops, manufactures, markets and sells high-performance
solar electric power technology products, systems and services
worldwide for residential, commercial and utility-scale power plant
customers. The company’s semiconductor-based solar cells and solar
panels, which convert sunlight into electricity, are manufactured
using proprietary processes and technologies.
METLIFE INC (MET): Free Stock Analysis Report
NRG ENERGY INC (NRG): Free Stock Analysis Report
SUNPOWER CORP-A (SPWRA): Free Stock Analysis Report
Zacks Investment Research
Sunpower Corp. (MM) (NASDAQ:SPWRA)
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