UPDATE: "Cowen’s Stone Comments on SunPower JV With AU Optronics (SPWRA; SPWRB)"
The stock is trading up 6.5% at $11.21. Yesterday I asked "Are the Option Bears too late on Sunpower? (SPWRA; SPWRB)".
Here are some of today's stories. First up the headline story:
SunPower Corp. (Nasdaq: SPWRA, SPWRB) today announced that financing of euro 44.5 million, made up of a term loan of euro 40 million and a short-term VAT facility of euro 4.5 million, has been finalized for the second phase of the Montalto di Castro solar photovoltaic (PV) power park, the largest in Italy. With the first 24 megawatts (DC) of the park completed ahead of schedule at the end of 2009, this second phase includes an additional 8.8 megawatts (DC) that began construction in February and is expected to be complete in July. The entire 85-megawatt (DC) Montalto di Castro park, located approximately 100 kilometers north of Rome in the province of Viterbo (region of Lazio), is planned to be built and fully operational by the end of this year.
"The Montalto park is the first and largest solar project of its kind in Italy, and we are very pleased to have completed the financing on this second phase," said Dennis Arriola, SunPower CFO. "The demand for solar in Italy is strong today and growing because solar is a quickly installed, cost-competitive, reliable source of power. Financiers understand that these parks make good business sense while serving local communities with clean, renewable power."
The sole lending bank for the second phase of the project is Barclays Bank PLC, which is acting as mandated lead arranger, agent and account bank....MORE
Via Canadian Business:
From The Associated Press, May 27, 2010 - 08:27 AM
SunPower and AU Optronics to jointly own and operate solar manufacturing plant in Malaysia
SunPower Corp. said Thursday it plans to form a joint venture with AU Optronics Corp. that will own and operate a solar cell manufacturing plant in Malaysia.
SunPower CEO Tom Werner said the deal will help his company cut expenses while capitalizing on manufacturing expertise from AU Optronics.
The Taiwanese company specializes in building liquid-crystal displays.
Werner said the deal will help SunPower produce more solar cells "faster, at lower cost, with substantially less cash contribution from SunPower."
The solar cell plant is already under construction.
From the Charlotte Business Journal:Duke Energy starts generating solar power in Shelby
Duke Energy Corp. says its single-megawatt solar-power project has begun producing electricity for N.C. Municipal Power Agency No. 1, which serves the city of Shelby.
The power agency and its member organizations will buy power from the Shelby operation for the next 20 years, under an agreement with Duke Energy Generation Services. The facility will generate enough electricity for 140 homes on an annual basis.SunPower Corp. (NASDAQ:SPWRA) designed and built the solar photovoltaic system at the Shelby site. The company is based in San Jose, Calif....