UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 5, 2017
SunPower Corporation
(Exact name of registrant as specified in its charter)
001-34166
(Commission File Number)
Delaware | 94-3008969 |
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |
77 Rio Robles, San Jose, California 95134
(Address of principal executive offices, with zip code)
(408) 240-5500
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01. | Regulation FD Disclosure. |
On April 5, 2017, SunPower Corporation issued a press release, included as Exhibit 99.1 hereto.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
The information in Item 7.01 and Item 9.01 of this Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Exhibit No. | Description |
99.1 | Press release dated April 5, 2017 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SUNPOWER CORPORATION | ||
April 5, 2017 | By: | /S/ KENNETH MAHAFFEY |
Name: | Kenneth Mahaffey | |
Title: | Executive Vice President and General Counsel | |
EXHIBIT INDEX
Exhibit No. | Description |
99.1 | Press release dated April 5, 2017 |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contacts:
Investors
Bob Okunski
408-240-5447
Robert.Okunski@sunpower.com
Media
Natalie Wymer
408-457-2348
Natalie.Wymer@sunpower.com
SunPower Comments on First Solar's Announcement Concerning Its Interests in 8point3 Energy Partners
SAN JOSE, Calif., Apr. 5, 2017 – SunPower Corp., (NASDAQ:SPWR) today announced that it is evaluating strategic options for its YieldCo joint venture (JV), 8point3 Energy Partners, following the announcement by its JV general partner, First Solar, that it has notified the board of directors of the partnership that it is reviewing alternatives for the sale of its interest in 8point3.
SunPower and First Solar will coordinate this review, which will include, but is not limited to, a potential replacement partner for First Solar. While SunPower believes the partnership still offers significant, long-term strategic value through the acquisition of additional high quality renewable power plants, distributed generation projects and associated cash flows, the company will undertake a review of its strategic alternatives given First Solar’s decision.
“We want to thank First Solar for their strong partnership in creating the industry’s first, solar-only YieldCo. After approximately two years of successful operational performance, we have proven that a diversified portfolio of high quality renewable assets is an ideal vehicle to drive stable cash flow growth for investors,” said Tom Werner, SunPower president and CEO. “We will work with our financial advisors to evaluate all alternatives for our investment in 8point3, including a potential replacement partner for First Solar, as we believe 8point3 can continue to benefit from owning long-term, high quality renewable assets.”
The strategic review process is in the early stages, is ongoing, and no decision on any particular alternative has been reached. In addition, the company cannot assure that any particular alternative will be pursued or effected. SunPower does not intend to disclose further developments related to this process unless required by law or otherwise deemed appropriate. The sponsor-appointed directors and officers of the general partner of 8point3 Energy Partners remain committed to prudently managing the partnership throughout this evaluation process.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our expectations regarding the future activities, performance, and strategic value of 8point3 and our plans regarding potential strategic alternatives. These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: (1) challenges managing our joint ventures and partnerships; (2) challenges executing on our HoldCo and YieldCo strategies, including the risk that 8point3 Energy Partners may be unsuccessful; and (3) our ability to identify and execute successful strategic alternatives. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent report on Form 10-K, particularly under the heading “Risk Factors.” Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpower.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.
About SunPower
With more than 30 years of proven experience, SunPower is a global leader in solar innovation and sustainability. Our unique approach emphasizes the seamless integration of advanced SunPower technologies, delivering The Power of One™ complete solar solutions and lasting customer value. SunPower provides outstanding service and impressive electricity cost savings for residential, commercial and power plant customers. At SunPower, we are passionately committed to changing the way our world is powered. And as we continue shaping the future of Smart Energy, we are guided by our legacy of innovation, optimism, perseverance and integrity. Headquartered in Silicon Valley, SunPower has dedicated, customer-focused employees in Africa, Asia, Australia, Europe, North America and South America. Since 2011, we’ve been majority-owned by Total, the fourth largest publicly-listed energy company in the world. For more information, visit www.sunpower.com.
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