US SunPower may spend USD 30m loan on building enhancement, capital equipment

(ADPnews) - Nov 17, 2010 - US photovoltaic (PV) equipment maker SunPower Corp (NASDAQ:SPWRA) said on Monday it is investigating a USD 30 million (EUR 22m) low-interest loan that would go towards building improvements and capital equipment.

The loan would be funded by stimulus dollars made available by the American Recovery and Reinvestment Act of 2009, and provided to the State of California.

SunPower said it will remain in San Jose, California, relocating its headquarters to an existing three-building campus next spring to accommodate planned, long-term growth. The company will renovate the buildings with the goal of achieving Leadership in Energy and Environmental Design (LEED) gold certification.

Located on Rio Robles, the new headquarters will house the company's corporate staff that includes finance, communications, product development and engineering teams. The planned renovations include a rooftop solar system and solar carport, along with other green features.

The City of San Jose has prepared a USD 2.5 million economic incentive package for the company over five years for permitting, workforce assistance, and utility and sales tax reimbursement, which is subject to approval of the City Council.

(USD 1.0 = EUR 0.735)

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