SunPower Corp. (NASDAQ: SPWR) recently signed an agreement to provide its solar solutions to Sony Pictures Entertainment (SPE), a subsidiary of Sony Corporation (NYSE: SNE). With the help of SunPower’s technology a 1.6-megawatt solar project will be constructed at Sony Pictures’ historic studio lot in Culver City, CA.
The project is expected to generate over 58 million kilowatt hours of solar power over a period of 25 years. Construction for this project is anticipated to begin by late this month and should reach full operation in early 2020. Notably, this latest deal is in line with Sony Corporation’s “Road to Zero” plan, aimed at achieving a zero environmental footprint by 2050.
SunPower’s Solar Capabilities
SPWR focuses on providing complete solar power generation solutions to its customers. To this end, the company’s Helix product for its commercial business customers holds immense potential.
Helix systems are pre-engineered modular solutions for commercial applications that combine SunPower’s high-efficiency solar module technology with integrated plug-and-play power stations, cable management systems, and mounting hardware.
To expand its global footprint with minimal capital cost, SPWR launched the world’s most powerful home solar panels in the markets across the United States, Europe and Australia in March 2019. These panels, built with the company’s fifth-generation Maxeon solar cells, are equipped to deliver 400 plus watt of power.
Corporate Investments: A Boon
Rapidly increasing corporate investments in solar energy have been boosting the U.S. solar market lately. From rooftop systems for local hardware stores to solar parking canopies supporting corporate headquarters to large solar installations powering data centers, solar installations are as diverse and varied as the companies offering them.
At present, RE100, which is a global corporate leadership initiative bringing together influential businesses committed to 100% renewable electricity, has been playing a vital role in the global shift toward renewables.
As a participant in this RE100 initiative, Sony Corporation aims to achieve the 100% goal by 2040 and has been taking appropriate initiatives in this regard. The latest project plan with the help of SunPower’s technology is a bright instance of the same.
With more corporates investing in renewables, we may expect SPWR to win more such projects for installing its solar solutions.
In the last year, SPWR stock has gained 91.7% compared with the industry’s 42% rise.
SPWR currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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