SunPower acquires 42% of Diamond Energy

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Having sold its 1MW Uterne PV plant last week, SunPower has announced it has invested in Diamond Energy, a privately-owned, alternative energy project developer and clean electricity retailer headquartered in Melbourne, Australia. SunPower has acquired a minority stake of approximately 42% in Diamond Energy and under terms of the agreement has an option to increase its ownership percentage over time. SunPower will also assume a seat on the company's board of directors.

SunPower claims that its alliance with Diamond Energy will allow it to offer a more comprehensive and customizable clean energy solutions for customers in Australia.

“SunPower is taking a step closer to its customers by investing in an electricity retailer like Diamond Energy,” said Tom Werner, president and CEO of SunPower.

“More customers will see solar as a cost-effective way to meet growing energy demands, especially as the price of conventional grid power increases in Australia. Through this partnership, SunPower and Diamond Energy are poised to deliver affordable, renewable electricity services that cover everything from the generator to the household electricity meter. We look forward to this new venture and expect it to serve as a model for SunPower's continuing evolution into a complete energy solutions provider.”

“This investment by SunPower supports the growth and strengthens Diamond Energy for the upcoming clean energy revolution,” said Diamond Energy managing director Tony Sennitt. “We generate change here at Diamond and through this relationship we will be able to bring the world's most efficient and reliable solar technology to a broad range of households and businesses throughout Australia at affordable prices. We look forward, with SunPower's support, to expanding the business into a shining, renewable example of what can be achieved when innovative value is delivered to customers.”
 

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