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SunPower Corp. (SPWR - Analyst Report) has entered into an agreement with Shimizu Corp. for the supply of E20/327 solar panels with an electric generation capacity of 69 megawatt (MW). These highly efficient solar panels will be utilized by Shimizu Corp. for installation at the Eurus Energy mega solar power plant project located in the village of Rokkasho, Aomori, Japan.

Shimizu Corp. will act as the engineering, procurement and construction (“EPC”) provider for the project which is owned by Eurus Rokkasho Solar Park Corporation, a subsidiary of Eurus Energy Group. The project is expected to come online in the second half of 2015.

In another deal, SunPower will supply E20/327 solar panels to Obayashi Corp. 27.4 MW of solar panels will be installed by Obayashi Corp. for a mega solar power plant project located in Toyokoro, Hokkaido. A subsidiary of Eurus Energy Group is the owner of the project and Obayashi will act as the EPC provider in this deal. The project is expected to begin its commercial operation in 2015.

SunPower’s E20/327 solar panels are made up of its Maxeon solar cells. These cells are currently the highest-efficiency monocrystalline silicon solar photovoltaic (PV) available. These panels have 20.1% efficiency. The Maxeon solar cells ensure that these panels can deliver more power in the same amount of area while maximizing the output further with fewer panels installed.

SunPower’s customer base is spread across North America, Europe, the Middle East, other parts of Asia and Australia. The company is proactive in entering new markets. In addition to a sizeable presence in the U.S., it is already focusing on improving market share in France, Germany, Italy, Spain and Japan, while gaining new market share in the emerging solar markets of England, Greece, Israel and Malta.

The company has over a decade of experience in pioneering the design, manufacture and delivery of large-scale solar systems, making it one of the foremost players in the large-scale grid-connected solar market.

The company is gradually shifting its revenue base from solar panel sales to the development of solar projects, power plants and EPC systems. This will boost the revenue base of the company.

Due to the need of the hour, SunPower’s peers are also diversifying their customer base geographically. Recently, First Solar Inc. (FSLR - Analyst Report) entered into a joint venture agreement with Belectric Holding GmbH for the development of solar energy projects on three continents. The venture will be based in Germany.

SunPower Corp. presently retains a short-term Zacks Rank #1 (Strong Buy). Other well-placed stocks in the solar space are JinkoSolar Holding Co., Ltd. (JKS - Snapshot Report) and JA Solar Holdings Co., Ltd. (JASO - Analyst Report), both with a Zacks Rank #2 (Buy).

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