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SunPower to Supply 130MW E-Series Solar Panels to France

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Solar energy provider SunPower Corporation (SPWR - Free Report) recently gained an order to supply 130 megawatts (MW) of its high efficiency E-Series solar panels for installation in France’s large-scale solar power projects. The company plans to manufacture a significant amount of these panels at its facilities in Toulouse, France.

Notably, SunPower’s supply will constitute 31% of the solar panels required for the projects, making it the primary provider in the first tender round through which the contract was awarded. These panels will be installed at 25 ground-mount and carport solar projects.

A Brief-Note on E-Series Solar Panels

SunPower’s E-Series solar panels deliver efficient performance with low levels of degradation, as validated by third-party performance tests. Per management, compared to other technologies, SunPower converts the greatest percentage of sunlight into electricity thereby generating more electricity and helping consumers save more money on electricity bills.

The company primarily manufactures E-Series solar panels at its solar panel assembly facilities in Mexico and France.

What’s Favoring SunPower?

With fossil fuels being scarce, a number of countries are adopting renewable resources as a major source of electrical energy. Among renewable, solar and wind energy are gaining the most traction. To tap this growing market for solar energy, SunPower has been expanding its customer base beyond the realm of its home market in the U.S. for quite some time now.

Toward this end, the company has been proactively investing in new markets which include England, Greece, France, Israel and Malta. Last month, SunPower announced that it will provide 64.4 MW of its E-Series solar panels for the production of seven solar power plants in France. Management at SunPower believes that the aforementioned contract will allow the company to play a critical role in promoting the use of clean, renewable solar power in France.

Price Movement

SunPower underperformed the Zacks categorized Solar Market industry. The company lost 71.7%, compared to the industry’s decline of 53% over the last 12 months. This could have been triggered by stiff competition from Chinese solar manufacturers in the Asia-Pacific region.

 

Zacks Rank

SunPower currently carries a Zacks Rank #5 (Strong Sell). A few better-ranked stocks in the solar industry include ReneSola Ltd (SOL - Free Report) , Vivint Solar, Inc. and 8point3 Energy Partners LP .

Renesola’s loss estimate for the current year remained unchanged at $1.25 for past 30 days. The company holds a Zacks Rank #2 (Buy).

Vivint Solar’s loss estimate for the current year remained unchanged at $2.02 for past 30 days. The company holds a Zacks Rank #2. You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

8point3 Energy Partners’ earnings estimate for the current year improved 4.9% to 85 cents in past 60 days. The company holds a Zacks Rank #3 (Hold).

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