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SunPower discusses fundraising for solar cell business

Sunpower modules. Author: pgegreenenergy. License: Creative Commons, Attribution 2.0 Generic.

February 14 (Renewables Now) - SunPower Corp (NASDAQ:SPWR) is trying to arrange non-equity strategic partner funding that would aid the expansion of its Next Generation Technology (NGT) solar cell manufacturing capacity.

Last year, the company began ramping up its second manufacturing line that will more than double its nameplate capacity for NGT to over 250 MW by the end of 2019.

CEO Thomas Werner said at a conference call on Wednesday that SunPower is holding active talks with several parties to secure funding for the full conversion of its Fab 3A facility in Malaysia and the expansion of NGT capacity to around 1.8 GW, which will happen over several years. One option is a customer investment to get preferential access to the product, Werner stated, noting that the form of the investment is currently being determined.

“We would expect to be able to announce something within a few quarters, say two or three, to have funding in what we're planning for by the end of the year or at least partially funded by the end of the year,” the CEO said.

This year, SunPower plans capital expenditures of USD 75 million (EUR 66.5m) and CFO Manavendra Sial commented that most of it will go towards NGT.

(USD 1.0 = EUR 0.887)

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Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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