UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. )* SunPower Corporation ("SPWR") - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock - -------------------------------------------------------------------------------- (Title of Class of Securities) 867652109 - -------------------------------------------------------------------------------- (CUSIP Number) January 25, 2006 - -------------------------------------------------------------------------------- (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ ] Rule 13d-1(b) [X] Rule 13d-1(c) [ ] Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Page 1 of 14
- -------------------------------------------- ------------------------------------------ CUSIP No. 867652109 13G Page 2 of 14 Pages ------------------------------- ------------ --------- - -------------------------------------------- ------------------------------------------ - ---------- ----------------------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON S.A.C. Capital Advisors, LLC - ---------- ----------------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |X| - ---------- ----------------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - ---------- ----------------------------------------------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - --------------------- ----- ------------------------------------------------------------------------------------------------------ NUMBER OF 5 SOLE VOTING POWER SHARES BENEFICIALLY 0 OWNED BY EACH REPORTING PERSON WITH ----- ------------------------------------------------------------------------------------------------------ 6 SHARED VOTING POWER 820,840 (1) (see Item 4) ----- ------------------------------------------------------------------------------------------------------ 7 SOLE DISPOSITIVE POWER 0 ----- ------------------------------------------------------------------------------------------------------ 8 SHARED DISPOSITIVE POWER 820,840 (1) (see Item 4) - ---------- ----------------------------------------------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 820,840 (1) (see Item 4) - ---------- ----------------------------------------------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| - ---------- ----------------------------------------------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.2% (see Item 4) - ---------- ----------------------------------------------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* 00 - ---------- ----------------------------------------------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT Page 2 of 14
- -------------------------------------------- ------------------------------------------ CUSIP No. 867652109 13G Page 3 of 14 Pages ------------------------------- ------------ --------- - -------------------------------------------- ------------------------------------------ - ---------- ----------------------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON S.A.C. Capital Management, LLC - ---------- ----------------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |X| - ---------- ----------------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - ---------- ----------------------------------------------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------- ------ ------------------------------------------------------------------------------------------------------ NUMBER OF 5 SOLE VOTING POWER SHARES BENEFICIALLY 0 OWNED BY EACH REPORTING PERSON WITH ------ ------------------------------------------------------------------------------------------------------ 6 SHARED VOTING POWER 820,840 (1) (see Item 4) ------ ------------------------------------------------------------------------------------------------------ 7 SOLE DISPOSITIVE POWER 0 ------ ------------------------------------------------------------------------------------------------------ 8 SHARED DISPOSITIVE POWER 820,840 (1) (see Item 4) - ---------- ----------------------------------------------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 820,840 (1) (see Item 4) - ---------- ----------------------------------------------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| - ---------- ----------------------------------------------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.2% (see Item 4) - ---------- ----------------------------------------------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* 00 - ---------- ----------------------------------------------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT Page 3 of 14
- -------------------------------------------- ------------------------------------------ CUSIP No. 867652109 13G Page 4 of 14 Pages ------------------------------- ------------ --------- - -------------------------------------------- ------------------------------------------ - ---------- ----------------------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON S.A.C. Capital Associates, LLC - ---------- ----------------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |X| - ---------- ----------------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - ---------- ----------------------------------------------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Anguilla, British West Indies - -------------------- ------ ------------------------------------------------------------------------------------------------------ NUMBER OF 5 SOLE VOTING POWER SHARES BENEFICIALLY 0 OWNED BY EACH REPORTING PERSON WITH ------ ------------------------------------------------------------------------------------------------------ 6 SHARED VOTING POWER 715,000 (1) (see Item 4) ------ ------------------------------------------------------------------------------------------------------ 7 SOLE DISPOSITIVE POWER 0 ------ ------------------------------------------------------------------------------------------------------ 8 SHARED DISPOSITIVE POWER 715,000 (1) (see Item 4) - ---------- ----------------------------------------------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 715,000 (1) (see Item 4) - ---------- ----------------------------------------------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| - ---------- ----------------------------------------------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 8.0% (see Item 4) - ---------- ----------------------------------------------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* 00 - ---------- ----------------------------------------------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT Page 4 of 14
- -------------------------------------------- ------------------------------------------ CUSIP No. 867652109 13G Page 5 of 14 Pages ------------------------------- ------------ --------- - -------------------------------------------- ------------------------------------------ - ---------- ----------------------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON CR Intrinsic Investors, LLC - ---------- ----------------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |X| - ---------- ----------------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - ---------- ----------------------------------------------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------- ------ ------------------------------------------------------------------------------------------------------ NUMBER OF 5 SOLE VOTING POWER SHARES BENEFICIALLY 0 OWNED BY EACH REPORTING PERSON WITH ------ ------------------------------------------------------------------------------------------------------ 6 SHARED VOTING POWER 595,000 (1) (see Item 4) ------ ------------------------------------------------------------------------------------------------------ 7 SOLE DISPOSITIVE POWER 0 ------ ------------------------------------------------------------------------------------------------------ 8 SHARED DISPOSITIVE POWER 595,000 (1) (see Item 4) - ---------- ----------------------------------------------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 595,000 (1) (see Item 4) - ---------- ----------------------------------------------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| - ---------- ----------------------------------------------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 6.7% (see Item 4) - ---------- ----------------------------------------------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* 00 - ---------- ----------------------------------------------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT Page 5 of 14
- -------------------------------------------- ------------------------------------------ CUSIP No. 867652109 13G Page 6 of 14 Pages ------------------------------- ------------ --------- - -------------------------------------------- ------------------------------------------ - ---------- ----------------------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON CR Intrinsic Investments, LLC - ---------- ----------------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |X| - ---------- ----------------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - ---------- ----------------------------------------------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Anguilla, British West Indies - -------------------- ------ ------------------------------------------------------------------------------------------------------ NUMBER OF 5 SOLE VOTING POWER SHARES BENEFICIALLY 0 OWNED BY EACH REPORTING PERSON WITH ------ ------------------------------------------------------------------------------------------------------ 6 SHARED VOTING POWER 595,000 (1) (see Item 4) ------ ------------------------------------------------------------------------------------------------------ 7 SOLE DISPOSITIVE POWER 0 ------ ------------------------------------------------------------------------------------------------------ 8 SHARED DISPOSITIVE POWER 595,000 (1) (see Item 4) - ---------- ----------------------------------------------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 595,000 (1) (see Item 4) - ---------- ----------------------------------------------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| - ---------- ----------------------------------------------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 6.7% (see Item 4) - ---------- ----------------------------------------------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* 00 - ---------- ----------------------------------------------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT Page 6 of 14
- -------------------------------------------- ------------------------------------------ CUSIP No. 867652109 13G Page 7 of 14 Pages ------------------------------- ------------ --------- - -------------------------------------------- ------------------------------------------ - ---------- ----------------------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Steven A. Cohen - ---------- ----------------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |X| - ---------- ----------------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - ---------- ----------------------------------------------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------- ------ ------------------------------------------------------------------------------------------------------ NUMBER OF 5 SOLE VOTING POWER SHARES BENEFICIALLY 0 OWNED BY EACH REPORTING PERSON WITH ------ ------------------------------------------------------------------------------------------------------ 6 SHARED VOTING POWER 820,840 (1) (see Item 4) ------ ------------------------------------------------------------------------------------------------------ 7 SOLE DISPOSITIVE POWER 0 ------ ------------------------------------------------------------------------------------------------------ 8 SHARED DISPOSITIVE POWER 820,840 (1) (see Item 4) - ---------- ----------------------------------------------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 820,840 (1) (see Item 4) - ---------- ----------------------------------------------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| - ---------- ----------------------------------------------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.2% (see Item 4) - ---------- ----------------------------------------------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* IN - ---------- ----------------------------------------------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT Page 7 of 14
ITEM 1(A) NAME OF ISSUER: SunPower Corporation ITEM 1(B) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: 430 Indio Way Sunnyvale, California 94085 ITEMS 2(A) NAME OF PERSON FILING: This statement is filed by: (i) S.A.C. Capital Advisors, LLC, ("SAC Capital Advisors") with respect to shares of common stock ("Shares") of the Issuer beneficially owned by S.A.C. Capital Associates, LLC ("SAC Capital Associates"), S.A.C. MultiQuant Fund, LLC ("SAC MultiQuant"), S.A.C. Select Fund, LLC ("SAC Select") and CR Intrinsic Investments, LLC ("CR Intrinsic Investments"); (ii) S.A.C. Capital Management, LLC, ("SAC Capital Management") with respect to Shares beneficially owned by SAC Capital Associates, SAC MultiQuant, SAC Select and CR Intrinsic Investments; (iii) SAC Capital Associates with respect to Shares beneficially owned by it and CR Intrinsic Investments; (iv) CR Intrinsic Investors, LLC ("CR Intrinsic Investors") with respect to Shares beneficially owned by CR Intrinsic Investments; (v) CR Intrinsic Investments with respect to Shares beneficially owned by it; and (vi) Steven A. Cohen with respect to Shares beneficially owned by SAC Capital Advisors, SAC Capital Management, SAC Capital Associates, SAC MultiQuant, SAC Select, CR Intrinsic Investors and CR Intrinsic Investments. ITEM 2(B) ADDRESS OF PRINCIPAL BUSINESS OFFICE: The address of the principal business office of (i) SAC Capital Advisors, CR Intrinsic Investors and Mr. Cohen is 72 Cummings Point Road, Stamford, Connecticut 06902, (ii) SAC Capital Management is 540 Madison Avenue, New York, New York 10022, (iii) SAC Capital Associates is P.O. Box 58, Victoria House, The Valley, Anguilla, British West Indies and (iv) CR Intrinsic Investments is Box 174, Mitchell House, The Valley, Anguilla, BWI. Page 8 of 14
ITEM 2(C) CITIZENSHIP: SAC Capital Advisors, SAC Capital Management and CR Intrinsic Investors are Delaware limited liability companies. SAC Capital Associates, and CR Intrinsic Investments are Anguillan limited liability companies. Mr. Cohen is a United States citizen. ITEM 2(D) TITLE OF CLASS OF SECURITIES: Class A Common Stock ITEM 2(E) CUSIP NUMBER: 867652109 ITEM 3 Not Applicable ITEM 4 OWNERSHIP: For purposes of this filing, the Reporting Persons have calculated the aggregate number of outstanding shares of the Issuer's Class A Common Stock as 8,906,652, based on the Form 8-K, dated January 26, 2005, which reported 8,830,000 then outstanding shares, and the prospectus of the Issuer, dated November 16, 2005, which reported an additional 76,652 shares outstanding. As of the close of business on February 2, 2006: 1. S.A.C. Capital Advisors, LLC (a) Amount beneficially owned: 820,840 (1) (b) Percent of class: 9.2% (c) (i) Sole power to vote or direct the vote: -0- (ii) Shared power to vote or direct the vote: 820,840 (1) (iii) Sole power to dispose or direct the disposition: -0- (iv) Shared power to dispose or direct the disposition: 820,840 (1) 2. S.A.C. Capital Management, LLC (a) Amount beneficially owned: 820,840 (1) (b) Percent of class: 9.2% (c) (i) Sole power to vote or direct the vote: -0- (ii) Shared power to vote or direct the vote: 820,840 (1) (iii) Sole power to dispose or direct the disposition: -0- (iv) Shared power to dispose or direct the disposition: 820,840 (1) Page 9 of 14
3. S.A.C. Capital Associates, LLC (a) Amount beneficially owned: 715,000 (1) (b) Percent of class: 8.0% (c) (i) Sole power to vote or direct the vote: -0- (ii) Shared power to vote or direct the vote: 715,000 (1) (iii) Sole power to dispose or direct the disposition: -0- (iv) Shared power to dispose or direct the disposition: 715,000 (1) 4. CR Intrinsic Investors, LLC (a) Amount beneficially owned: 595,000 (1) (b) Percent of class: 6.7% (c) (i) Sole power to vote or direct the vote: -0- (ii) Shared power to vote or direct the vote: 595,000 (1) (iii) Sole power to dispose or direct the disposition: -0- (iv) Shared power to dispose or direct the disposition: 595,000 (1) 5. CR Intrinsic Investments, LLC (a) Amount beneficially owned: 595,000 (1) (b) Percent of class: 6.7% (c) (i) Sole power to vote or direct the vote: -0- (ii) Shared power to vote or direct the vote: 595,000 (1) (iii) Sole power to dispose or direct the disposition: -0- (iv) Shared power to dispose or direct the disposition: 595,000 (1) 6.Steven A. Cohen (a) Amount beneficially owned: 820,840 (1) (b) Percent of class: 9.2% (c) (i) Sole power to vote or direct the vote: -0- (ii) Shared power to vote or direct the vote: 820,840 (1) (iii) Sole power to dispose or direct the disposition: -0- (iv) Shared power to dispose or direct the disposition: 820,840 (1) (1) The number of shares reported herein includes call options held by CR Intrinsic Investments on 500,000 Shares. SAC Capital Advisors, SAC Capital Management, CR Intrinsic Investors and Mr. Cohen own directly no Shares. Pursuant to investment agreements, each of SAC Capital Advisors and SAC Capital Management share investment and voting power with respect to the securities held by SAC Capital Associates, SAC MultiQuant, SAC Select and CR Intrinsic Investments. Pursuant to an investment management agreement, CR Intrinsic Investors has investment and voting power with respect to the securities held by CR Intrinsic Investments. Mr. Cohen controls each of SAC Capital Advisors, SAC Capital Management and CR Intrinsic Investors. CR Intrinsic Investments is a Page 10 of 14
wholly owned subsidiary of SAC Capital Associates. By reason of the provisions of Rule 13d-3 of the Securities Exchange Act of 1934, as amended, each of (i) SAC Capital Advisors, SAC Capital Management and Mr. Cohen may be deemed to own beneficially 820,840 Shares (constituting approximately 9.2% of the Shares outstanding), (ii) CR Intrinsic Investors and Mr. Cohen may be deemed to own beneficially 595,500 Shares (constituting approximately 6.7% of the Shares outstanding), and (iii) SAC Capital Associates may be deemed to own beneficially 715,500 Shares (including shares held by CR Intrinsic Investments, and constituting approximately 8.0% of the Shares outstanding). Each of SAC Capital Advisors, SAC Capital Management, CR Intrinsic Investors and Mr. Cohen disclaim beneficial ownership of any of the securities covered by this statement, and SAC Associates disclaims beneficial ownership of any of the securities held by CR Intrinsic Investments. Page 11 of 14
ITEM 5 OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following. |_| ITEM 6 OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON: Not Applicable ITEM 7 IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY: Not Applicable ITEM 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP: Not Applicable ITEM 9 NOTICE OF DISSOLUTION OF GROUP: Not Applicable ITEM 10 CERTIFICATION: By signing below the signatory certifies that, to the best of his knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. Page 12 of 14
SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: February 3, 2006 S.A.C. CAPITAL ADVISORS, LLC By: /s/ Peter Nussbaum ---------------------------- Name: Peter Nussbaum Title: Authorized Person S.A.C. CAPITAL MANAGEMENT, LLC By: /s/ Peter Nussbaum ---------------------------- Name: Peter Nussbaum Title: Authorized Person S.A.C. CAPITAL ASSOCIATES, LLC By: /s/ Peter Nussbaum ---------------------------- Name: Peter Nussbaum Title: Authorized Person CR INTRINSIC INVESTORS, LLC By: /s/ Peter Nussbaum ---------------------------- Name: Peter Nussbaum Title: Authorized Person CR INTRINSIC INVESTMENTS, LLC By: /s/ Peter Nussbaum ---------------------------- Name: Peter Nussbaum Title: Authorized Person Page 13 of 14
STEVEN A. COHEN By: /s/ Peter Nussbaum ---------------------------- Name: Peter Nussbaum Title: Authorized Person Page 14 of 14