SunPower Corp. (SPWR - Free Report) recently signed an agreement for providing its solar solutions to Sony Pictures Entertainment (SPE), a subsidiary of Sony Corporation (SNE - Free Report) . 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 September 2019 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
SunPower 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. This enables its customers to quickly and easily complete system installations and manage their energy production.
To expand its global footprint with minimal capital cost, the company 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.
Being a participant in this RE100 initiative, Sony Corporation aims at achieving 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 SunPower to win more such projects for installing its solar solutions on the virtue of its aforementioned capabilities.
Global Solar Footprint
Increasing awareness against greenhouse gas emission has fueled the usage of renewable clean energy sources for power generation on a global scale.
Per a report by International Renewable Energy Agency (IRENA), the share of renewable energy in primary energy supply will grow to nearly two-thirds by 2050 from the current level of less than one-sixth.
Solar being a vital part of the renewable energy space, other solar players are also gaining momentum worldwide. This July, a 1,177-megawatt Peak (MWp) solar project in Sweihan, Abu Dhabi started full operation, wherein JinkoSolar's (JKS - Free Report) high efficient mono panels were installed.
In August, Canadian Solar (CSIQ - Free Report) announced that it has secured a $120-million non-recourse financing from Brazilian bank — Banco do Nordeste do Brasil S.A. — for its Francisco Sa and Jaiba solar projects.
In a year’s time, shares of SunPower have gained 91.7% compared with the industry’s 42% rise.
SunPower 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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