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MarketScreener Homepage  >  Equities  >  Nasdaq  >  SunPower Corporation    SPWR

SUNPOWER CORPORATION

(SPWR)
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SunPower - Sony Pictures Entertainment Puts Solar Centerstage with 1.6-Megawatt Project Planned for Legendary Studio Lot in Culver City

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09/12/2019 | 10:58am EDT

SAN JOSE - Sony Pictures Entertainment (SPE) today announced a commitment to generate clean, solar electricity with SunPower (NASDAQ: SPWR) technology at its historic studio lot in Culver City, Calif.

The 1.6-megawatt project is expected to generate over 58 million kilowatt hours of solar power over 25 years, counteracting greenhouse gas emissions from over 9,000 passenger cars for a year according to the EPA Greenhouse Gas Equivalencies Calculator. When combined with the lot's existing solar capacity, 1.83 megawatts of solar will generate clean, onsite power and account for approximately 8.5 percent of the studio lot's electricity use.

'Sony Pictures has long prioritized sustainability to reduce our environmental impact, while delivering the creative, entertaining content we're recognized for around the world,' said Craig Schwartz, EVP Global Real Estate, Facilities & SEHS, Sony Pictures Entertainment. 'We look forward to integrating SunPower's solar technology into our energy portfolio as we work toward our sustainability goals.'

As a RE100 member, Sony Group Companies including SPE are committed to reaching 100 percent renewable power. Efforts to go solar also contribute toward parent-company Sony Corporation'sRoad to Zero, a global environmental plan that aims to achieve a zero environmental footprint by the year 2050.

SunPower designed and is installing complete rooftop solar solutions across eight Sony Pictures sound stages, including Stage 30 which is best known for its massive 90-by-100-foot water tank and where iconic productions like TriStar Pictures' Hook and Columbia Pictures hits Spider-Man II, Men in Black II and The Amazing Spider-Man were filmed. Solar project construction is expected to begin later this month and reach full operation in early 2020.

'We commend Sony Pictures for its sustainability leadership within the entertainment industry,' said Nam Nguyen, SunPower executive vice president, commercial solar. 'SunPower's energy solutions are designed to deliver reliable, clean electricity, and as the leader in U.S. commercial solar, we look forward to supporting Sony Pictures in its renewable energy efforts for years to come.'

About Sony Pictures Entertainment

Sony Pictures Entertainment (SPE) is a subsidiary of Tokyo-based Sony Corporation. SPE's global operations encompass motion picture production, acquisition, and distribution; television production, acquisition, and distribution; television networks; digital content creation and distribution; operation of studio facilities and development of new entertainment products, services and technologies. SPE's Motion Picture Group production organizations include Columbia Pictures, Screen Gems, TriStar Pictures, Sony Pictures Animation, Stage 6 Films, AFFIRM Films, and Sony Pictures Classics.

About SunPower

As one of the world's most innovative and sustainable energy companies, SunPower (NASDAQ:SPWR) provides a diverse group of customers with complete solar solutions and services. Residential customers, businesses, governments, schools and utilities around the globe rely on SunPower's more than 30 years of proven experience. From the first flip of the switch, SunPower delivers maximum value and superb performance throughout the long life of every solar system. Headquartered in Silicon Valley, SunPower has dedicated, customer-focused employees in Africa, Asia, Australia, Europe, and North and South America.

SunPower's Forward-Looking Statements

This press release contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding project plans and timelines, projected energy output, and product performance. These forward-looking statements are based on our current assumptions, expectations, and beliefs and involve substantial risks and uncertainties that may cause results, performance, or achievement to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: regulatory changes and the availability of economic incentives promoting use of solar energy, challenges inherent in constructing certain of our large projects, and fluctuations or declines in the performance of our solar panels and other products and solutions. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading 'Risk Factors.' Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpowercorp.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.

Contact:

Tel: 1-408-240-5500

(C) 2019 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
SONY CORPORATION -1.63% 6355 End-of-day quote.23.45%
SUNPOWER CORPORATION 0.43% 9.36 Delayed Quote.88.33%
TOTAL 0.29% 47.32 Real-time Quote.2.47%
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Financials (USD)
Sales 2019 1 967 M
EBIT 2019 -93,5 M
Net income 2019 -18,4 M
Debt 2019 763 M
Yield 2019 -
P/E ratio 2019 -66,5x
P/E ratio 2020 -18,9x
EV / Sales2019 1,07x
EV / Sales2020 0,90x
Capitalization 1 334 M
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Number of Analysts 12
Average target price 11,25  $
Last Close Price 9,36  $
Spread / Highest target 70,9%
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Spread / Lowest Target -46,6%
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Thomas H. Werner Chairman, President & Chief Executive Officer
Manavendra S. Sial Chief Financial Officer & Executive Vice President
Patrick H. Wood Lead Independent Director
Thomas R. McDaniel Independent Director
Catherine A. Lesjak Independent Director
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