SunPower Announces 2011 Guidance

SAN JOSE, Calif., Nov. 18, 2010 /PRNewswire-FirstCall/ -- SunPower Corp. (Nasdaq: SPWRA, SPWRB) today announced its financial guidance for its 2011 fiscal year which it will discuss during its 2010 Analyst Day starting at 10:00 a.m. Eastern Time.  Analyst Day presentations will be available via webcast from the company's investor relations website at http://investors.sunpowercorp.com/events.cfm at 8:00 a.m. Eastern Time.

For fiscal year 2011, the company projects revenues to be in the range of $2.65 to $2.85 billion with non-GAAP diluted earnings per share of $1.75 - $2.05.  Additional details on 2011 guidance will be made available through the company's webcast and posted presentations during the Analyst Day event.

SunPower also announced today that Allianz Renewable Energy Partners IV Ltd. (a wholly owned subsidiary of Allianz SE) has signed a definitive sale and purchase agreement to acquire 100 percent of the equity in SunPower's wholly owned subsidiary, Orsa Maggiore PV Srl, which owns the 15-megawatt (MWp) Solare Roma photovoltaic power plant.  The power plant is located in the municipality of Anguillara, Province of Rome, Lazio region, Italy. The transaction is expected to be completed by the end of 2010, subject to the fulfillment of standard closing conditions.  SunPower designed and is building the power plant and will provide ongoing operations and maintenance services for the new owner.

"The definitive sale agreement signed with Allianz Renewable Energy Partners for the sale of our 15-MWp Solare Roma Italian power plant is an important milestone in reaching our 2010 financial goals," said Tom Werner, SunPower CEO.  "This agreement is a direct result of our ability to offer sophisticated financial customers a reliable, turnkey operating power plant built with our bankable technology. We remain confident that we will complete the financing and sale of the final phases of our Montalto solar parks by year's end and meet our fourth quarter 2010 guidance."

This press release contains both GAAP and non-GAAP financial information.  Non-GAAP historical figures are reconciled to the closest GAAP equivalent categories in the financial attachment of this press release.  Please note that the company has posted supplemental information and slides related to its 2010 Analyst Day on the Events and Presentations section of the SunPower Investor Relations page at http://investors.sunpowercorp.com/events.cfm. 

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