SunPower Corporation (Nasdaq: SPWR), a Silicon Valley-based manufacturer of solar cells, solar panels and solar systems, today announced that it has signed two polysilicon agreements to be supplied by a new polysilicon plant located in Saudi Arabia.
SunPower says the two agreements will support 2500 megawatts (MW) of solar cell production.
SunPower signed a polysilicon purchase agreement with NorSun AS and another with NorSun and its partners who are forming a joint venture company to construct a new polysilicon plant in Saudi Arabia. According to a company release, each agreement anticipates polysilicon delivery to begin in 2010 and extend through 2019.
"SunPower continues to develop new sources of polysilicon," said PM Pai, chief operations officer of SunPower Corp. "We are building a diverse portfolio of intermediate and long-term silicon supply contracts that support SunPower’s cost reduction roadmap. Economies of scale in our supply chain, manufacturing and channel development will drive down installed solar system costs by 50 percent by 2012."
About SunPower
SunPower Corporation designs, manufactures and delivers solar electric systems worldwide for residential, commercial and utility-scale power plant customers. SunPower says its high-efficiency solar cells and solar panels generate up to 50 percent more power than conventional solar technologies and have a uniquely attractive, all-black appearance. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe and Asia. SunPower is a majority-owned subsidiary of Cypress Semiconductor Corp. (NYSE: CY – News).
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