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Citing the ongoing challenging market conditions, notably in its residential and commercial segments, SunPower will revise its revenue and earnings outlook for 2011. However, SunPower has a strong utility-scale project pipeline, especially within the US. The new 2011 guidance will be announced in a month, during its third quarter financial results, issued on November 3rd.
The outlook warning came with news that SunPower had signed a new two-year revolving credit facility with a group of banks totalling US$275 million, will be used for utility-scale PV projects. The credit facility is in addition to a US$771 million letter of credit facility entered into by the company in August 2011.
"Our new revolving credit agreement reduces our overall cost of capital, improves our balance sheet flexibility and liquidity, and further demonstrates the value of our relationship with Total," said Dennis Arriola, SunPower CFO. "Additionally, our new letter of credit facility will further support our strong and growing commercial, utility and power plant (UPP) businesses in North America. However, the challenging market conditions continue to impact our global residential and commercial business. As a result, we will revise our 2011 revenue and earnings outlook on our third quarter earnings conference call to be held on November 3, 2011."