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): July 3,
2008
___________________
|
SunPower
Corporation
|
|
(Exact
Name of Registrant as Specified in
Charter)
|
___________________
|
Delaware
|
000-51593
|
94-3008969
|
|
(State
or Other Jurisdiction
|
(Commission
|
(IRS
Employer
|
|
of
Incorporation)
|
File
No.)
|
Identification
No.)
|
|
3939
North First Street, San Jose, California 95134
|
|
(Address
of Principal Executive Offices) (Zip
Code)
|
Registrant’s
telephone number, including area code: (408) 240-5500
|
N/A
|
|
(Former
Name or Former Address, if Changed Since Last
Report)
|
___________________
|
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):
|
|
|
r
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
r
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
r
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
r
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item 1.01.
Entry into a Material Definitive Agreement.
On July
3, 2008, SunPower Corporation, Systems (“SP Systems”), an indirect subsidiary of
SunPower Corporation (“SunPower”), entered into an engineering, procurement and
construction agreement (the “EPC Agreement”) with Florida Power and Light
(“FPL”). The EPC Agreement sets forth the material terms and
conditions pursuant to which SP Systems would design and construct a solar
photovoltaic plant representing approximately 25 megawatts net power in DeSoto
County, Florida. The EPC Agreement is a material revenue opportunity
for SunPower on a consolidated basis.
Item 7.01.
Regulation FD Disclosure.
On July
10, 2008, SunPower issued a press release announcing entry into the EPC
Agreement with FPL, as well as the selection of SP Systems to build a separate
solar photovoltaic plant at the Kennedy Space Center in Florida. A
copy of the press release is attached to this report as Exhibit
99.1. In accordance with General Instruction B.2 of Form 8-K, the
information set forth herein and in the press release is deemed to be
“furnished” and shall not be deemed to be “filed” for purposes of the Securities
Exchange Act of 1934, as amended. The information set forth in Item 7.01 of
this report shall not be deemed an admission as to the materiality of any
information in this report on Form 8-K that is required to be disclosed solely
to satisfy the requirements of Regulation FD.
Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits
|
Exhibit No.
|
Description
|
|
|
99.1
|
Press
Release dated July 10, 2008
|
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.
|
SUNPOWER
CORPORATION
|
|
|
Date:
July 10, 2008
|
By:
/s/ EMMANUEL HERNANDEZ
|
|
Name:
Emmanuel Hernandez
|
|
|
Title:
Chief Financial Officer
|
|
Exhibit No.
|
Description
|
|
|
99.1
|
Press
Release dated July 10, 2008
|
FOR
IMMEDIATE RELEASE
Contacts:
Helen
Kendrick
SunPower
Corporation
(408)
240-5585
helen.kendrick@sunpowercorp.com
Sarahjane
Sacchetti
Bite
Communications
(415)
365-0356
Sarahjane.sacchetti@bitepr.com
Florida
Power & Light Company Selects SunPower to Build
Largest
Solar Photovoltaic Power Plant in United States
SAN JOSE, Calif., July 10, 2008 –
SunPower Corporation (Nasdaq: SPWR), a manufacturer of high-efficiency
solar cells, solar panels, and solar systems, today announced that it has been
selected by Florida Power & Light Company to build the largest solar
photovoltaic power plant in the United States, and a second power plant at the
Kennedy Space Center. Florida Power & Light Company is a
subsidiary of FPL Group (NYSE: FPL), the world’s largest producer of electricity
from renewable energy sources.
The
installation will include a 25-megawatt power plant in DeSoto County, Fla., and
a 10-megawatt project at the Kennedy Space Center. SunPower will design and
build the facilities and FPL will own, operate and maintain the systems. The
DeSoto plant will be completed in 2009; the plant at the Kennedy Space Center
will be completed in 2010. Construction is contingent on approval of the Florida
Public Service Commission.
“These
agreements confirm the growing trend in the U.S. to build solar power plants at
a scale rivaling those in market-leading countries such as Germany and Spain,”
said Howard Wenger, senior vice president, global business units for
SunPower. “With these agreements totaling approximately 35 megawatts,
we applaud Florida Power & Light’s commitment and leadership in renewable
energy.”
Solar
photovoltaic power plants can be easily integrated into existing utility grid
networks, and install much faster than conventional forms of power generation.
SunPower will install SunPower panels, the highest efficiency solar panels on
the market, at both sites. At the DeSoto site, the company will install its
SunPower Tracker system, which tilts toward the sun as it moves across the sky,
significantly increasing daily energy production compared with fixed-tilt
systems while reducing land-use requirements. The combination of SunPower’s
high-efficiency panels and high- energy collection tracking systems, delivers
the world’s highest power density solar systems and low cost
energy.
“We
selected SunPower based on its proven experience in building high-performance
solar photovoltaic power plants. We are pleased to work with SunPower on these
two important projects that will deliver reliable, cost-effective solar power to
our customers,” said Eric Silagy, Florida Power & Light Company vice
president and chief development officer. Florida Power & Light
Company joined with Gov. Crist on June 25, 2008, to announce these and one other
solar power project, which will make Florida No. 2 in the nation in solar power
production. The projects are subject to regulatory approval.
The
largest-operating solar photovoltaic power plant in North America is currently
the 14-megawatt installation located at Nellis Air Force Base in Nev., also
built by SunPower. Worldwide, SunPower has installed more than 450
solar power systems totaling more than 350 megawatts, including solar power
plant projects in Europe, Asia and North America.
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
Statement
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 “to build,” “growing trend,”
“will,” “contingent,” and “can,” 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 company designing and building the largest
photovoltaic power plant in the U.S. and a second power plant at the Kennedy
Space Center; (b) a growing trend in the U.S. to build solar power plants at a
scale rivaling those in market leading countries such as Germany and Spain; (c)
completing construction of the two plants in 2009 and 2010; (d) FPL providing
reliable, cost-effective solar power to its customers; and (e) photovoltaic
power plants being easily integrated into existing utility grid networks and
installed much faster than conventional forms of power generation. 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) construction difficulties or potential delays in the
project implementation process; (ii) unanticipated delays or difficulties
securing necessary permits, licenses or other governmental approvals, including
the required approvals of the Florida Public Services Commission; (iii) the risk
of continuation of supply of products and components from suppliers; (iv)
unanticipated problems with deploying the system on the sites; (v) actual
electricity generation; (vi) the actual energy consumption rate; (vii)
unexpected changes in utility service rates; and (viii) 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.