SunPower inks Chinese JV agreement

  • The joint venture will produce and deploy SunPower C7 Tracker systems in Inner Mongolia and other regions in China.
    The joint venture will produce and deploy SunPower C7 Tracker systems in Inner Mongolia and other regions in China.

Financials

  • SPWR
    NASDAQ
    25.69
    0.00 (0.00%)
    4:08PM EST

US PV manufacturer SunPower has entered into a definitive joint venture agreement with three of its partners based in Mongolia and China.

The agreement was signed with Tianjin Zhonghuan Semiconductor (TZS), Inner Mongolia Power Group (IMP) and Hohhot Jinqiao City Development Company (HJCD).

Under the terms of the agreement, SunPower will invest US$15 million in the joint venture, claiming a 25% stake. The joint venture, which is worth US$60 million, will be involved in the manufacture and deployment of SunPower’s C7 Tracker concentrator PV systems in Inner Mongolia and other regions in China.

The SunPower C7 Tracker combines single-axis tracking technology with rows of parabolic mirrors. As part of the technology, sunlight is reflected onto SunPower Maxeon cells which have a 22.8% efficiency — the world’s most efficient commercially available solar cells, the company claims. 

Commenting on the joint venture, Tom Werner, SunPower’s President and CEO stated: "This agreement capitalises on the capability of SunPower's next generation C7 technology to deliver industry leading cost effective energy. Working together with our team of strong local partners who bring different strengths to this project, we believe that we can deploy significant volumes of C7 power plants to help serve China's growing need for clean power.  We also expect that this venture will facilitate the development of a low cost, high volume C7 supply chain and accelerate our C7 cost reduction roadmap."

Huadong You, Chairman of TZ Group added: "This joint venture collaboration embeds essential winning factors including our excellent natural resources, the best photovoltaic technologies and diligent, committed partners. Our four-party, three country landmark partnership sets a role model for the industry and also embraces challenges for a sustainable future.”

The joint venture is subject to the approval of the Chinese government while initial C7 deployment is expected to begin by the end of 2013.  

PV-Tech Storage Promo

Newsletter

Preview Latest
Subscribe
We won't share your details - promise!

Publications

  • Photovoltaics International 25th Edition

    In this issue we offer some insights into what the next wave of photovoltaic technologies may look like as that upturn gathers pace. Industry observers have been in broad agreement that the major next-gen PV technology innovations won’t happen straight away. But there’s also little doubt that the search is now on in earnest for the breakthroughs that will come to define the state of the art in the industry in the years to come.

  • Manufacturing The Solar Future: The 2014 Production Annual

    Although the past few years have proved extremely testing for PV equipment manufacturers, falling module prices have driven solar end-market demand to previously unseen levels. That demand is now starting to be felt by manufacturers, to the extent that leading companies are starting to talk about serious capacity expansions later this year and into 2015. This means that the next 12 months will be a critical period if companies throughout the supply chain are to take full advantage of the PV industry’s next growth phase.

Partners

Acknowledgements

Solar Media