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): May 19, 2008
___________________
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SunPower
Corporation
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(Exact
Name of Registrant as Specified in
Charter)
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___________________
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Delaware
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000-51593
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94-3008969
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(State
or Other Jurisdiction
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(Commission
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(IRS
Employer
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of
Incorporation)
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File
No.)
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Identification
No.)
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3939
North First Street, San Jose, California 95134
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(Address
of Principal Executive Offices) (Zip
Code)
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Registrant’s
telephone number, including area code: (408) 240-5500
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N/A
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(Former
Name or Former Address, if Changed Since Last
Report)
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___________________
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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):
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r
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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r
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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r
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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r
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item 8.01. Other Events.
On
May 19, 2008, SunPower Corporation (“SunPower”) announced plans to build its
next solar cell fabrication plant in Malaysia with an expected nameplate rating
in excess of one gigawatt of annual generating capacity. The Malaysian
Industrial Development Authority (“MIDA”) is arranging an incentive package for
SunPower to promote SunPower’s investment in the new manufacturing
plant. The incentives include income tax exemptions, facilitation of
debt financing of up to approximately $315 million dollars, and other
incentives. The incentive package is conditional upon SunPower
meeting certain capital investment, employment, and research and development
expenditure commitments.
Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits
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Exhibit No.
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Description
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99.1
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Press
Release dated May 19, 2008
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SIGNATURES
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.
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SUNPOWER
CORPORATION
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Date:
May 19, 2008
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By:
/s/ Emmanuel Hernandez
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Name:
Emmanuel Hernandez
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Title:
Chief Financial Officer
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FOR
IMMEDIATE RELEASE
Contacts:
Helen
Kendrick
SunPower
Corp.
408-240-5585
hkendrick@sunpowercorp.com
Julie
Blunden
SunPower
Corp.
jblunden@sunpowercorp.com
408-240-5577
SunPower
Announces Third Solar-Cell Fab
1-Gigawatt-Scale
Factory to be Built in Malaysia
SAN JOSE, Calif., May 19, 2008
–SunPower Corporation (Nasdaq: SPWR), a Silicon Valley-based manufacturer
of high-efficiency solar cells, solar panels and solar systems, today announced
plans to build its next solar cell fabrication plant in
Malaysia. When fully operational, Fab 3 is expected to have a
nameplate rating in excess of 1-gigawatt of annual production
capacity.
The new
manufacturing facility is expected to be constructed in two phases, with the
first phase comprised of 14 solar cell production lines with a nameplate
capacity of 40 megawatts each. After completion of phase two, at a
scale in excess of 1-gigawatt, Fab 3 is estimated to achieve materially lower
capital cost per watt compared to SunPower’s Fab 1 and Fab 2.
Solar
cell production in Fab 3 is likely to begin in 2010, with the integrated site
development planned to start later this year. SunPower will
launch its manufacturing operations with its industry-leading 22 percent minimum
rated Gen 2 solar cells, and expects to add production of its recently
announced, higher-efficiency Gen 3 solar cells at a later date.
“The
scale and breadth of our Fab 3 campus in Malaysia will be a core element of our
technology and manufacturing roadmap that drives us to our 50 percent cost
reduction plan by 2012,” said Tom Werner, CEO of SunPower
Corp. “Malaysia offers us highly educated workers, a receptive
business investment climate and the opportunity to significantly expand our
production as the demand for our solar systems continues to escalate
worldwide.”
“We view
SunPower as a technology leader in the dynamic and rapidly growing solar
industry,” said Datuk R. Karunakaran, director general for the Malaysian
Industrial Development Authority. “We are excited with SunPower’s
decision to invest in our country to manufacture its high-efficiency solar cells
and panels, and we look forward to supporting its growth.”
About
SunPower
SunPower
Corporation (Nasdaq: SPWR) designs, manufactures and delivers high-performance
solar electric systems worldwide for residential, commercial and utility-scale
power plant customers. SunPower high-efficiency solar cells and solar
panels generate up to 50 percent more power than conventional solar technologies
and have a uniquely attractive, all-black appearance. With headquarters in San
Jose, Calif., SunPower has offices in North America, Europe and Asia. For more
information, visit www.sunpowercorp.com. SunPower is a majority-owned
subsidiary of Cypress Semiconductor Corp. (NYSE: CY).
Forward-Looking
Statements
This
press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of
1934. Forward-looking statements are statements that do not represent
historical facts. The company uses words and phrases such as “expected,”
“estimated to achieve,” “anticipate,” “likely to begin,” “planned,” “expects,”
“will,” and similar expressions to identify forward-looking statements.
Forward-looking statements in this press release include, but are not limited
to, the company’s plans and expectations regarding (a) the nameplate rating
capacity of the fully operational Malaysian plant, (b) the number of solar cell
production lines and nameplate capacity achieved during each construction phase,
(c) the achievement of materially lower capital cost per watt compared to
SunPower’s Fab 1 and Fab 2, (d) the commencement of site development later this
year and solar cell production in 2010, (e) production of Gen 2 and Gen 3 solar
cells at the new plant, and (f) Fab 3 becoming a core element of our technology
and manufacturing roadmap that drives to our 50 percent cost reduction plan by
2012. These forward-looking statements are based on information
available to the company as of the date of this release and management’s current
expectations, forecasts and assumptions, and involve a number of risks and
uncertainties that could cause actual results to differ materially from those
anticipated by these forward-looking statements. Such risks and uncertainties
include a variety of factors, some of which are beyond the company’s control. In
particular, risks and uncertainties that could cause actual results to differ
include (i) the company’s ability to obtain a adequate supply of polysilicon,
ingots and wafers to manufacture its products and the price it pays for such
materials; (ii) business and economic conditions and growth trends in the solar
power industry; (iii) the availability of continuation of governmental and
related economic incentives promoting the use of solar power and the Fab 3
investment in Malaysia; (iv) construction difficulties or delays in building the
fabrication plant; (v) unanticipated delays or difficulties securing necessary
permits, licenses or other governmental approvals or incentives; (vi) the
ability to successfully co-locate SunPower solar panel manufacturing and attract
dedicated ingot growing and wafering manufacturing by partner companies at an
integrated fabrication plant, (vii) the risk of continuation of supply of
products, equipment and materials from suppliers; (viii) the company’s ability
to ramp new production lines and realize expected manufacturing efficiencies;
(ix) unforeseen manufacturing equipment delays at the company’s fabrication
plant; (x) the company’s ability to utilize thinner wafers, reduce kerf loss and
otherwise achieve anticipated improvements in polysilicon usage efficiency; (xi)
production difficulties that could arise; (xii) the success of the company’s
ongoing research and development efforts; (xiii) the company’s ability to
compete with other companies and competing technologies; (xiv) the potential
renegotiation of or non-performance by parties to the company’s supply and
customer contracts; and (xv) other risks described in the company’s Quarterly
Report on Form 10-Q for the quarter ended March 30, 2008, and other filings with
the Securities and Exchange Commission. These forward-looking
statements should not be relied upon as representing the company’s views as of
any subsequent date, and the company is under no obligation to, and expressly
disclaims any responsibility to, update or alter its forward-looking statements,
whether as a result of new information, future events or otherwise.
# # #
SunPower
is a registered trademark of SunPower Corp. Cypress is a registered trademark of
Cypress Semiconductor Corp. All other trademarks are the property of
their respective owners.