SunPower, Toshiba Sign Supply Agreement

SunPower Corp. (Nasdaq: SPWRA, SPWRB) announced today that it will supply 32 megawatts (WM) of solar panels to Toshiba Corporation (6502.T) in 2010.

The panels will be used in Toshiba’s new residential solar offering in Japan, to be launched on April 1.

Financial terms of the supply agreement were not disclosed.

Headquartered in San Jose, California, SunPower nearly doubled production of its solar cells and panels from 2008 to 2009, with 2009 cell production of approximately 400 MW. In 2010, the company intends to expand production with new manufacturing operations in Malaysia, the United States and Europe.

In February, SunPower signed an agreement to acquire SunRay Renewable Energy, a European solar power plant developer that also has offices in the Middle East. The acquisition reflects a trend, as solar manufacturing companies have begun to move into project development to ensure downstream demand for their products.

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