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Manila, the Philippines, May 10, 2010—
IFC, a member of the World Bank Group, is providing a $75 million loan to the Filipino branch office of U.S.-based SunPower Corporation in support of its Filipino solar cell manufacturing operations. The investment is expected to spur the use of solar power globally, support local economic growth and sustain the many skilled jobs that the company has created in the Philippines.
IFC’s loan will provide funding to SunPower’s
108-megawatt solar cell and module manufacturing plant in Laguna and a 466-megawatt solar cell fabrication facility in Batangas. The investment will strengthen SunPower’s ability to manufacture its high-efficiency solar cells.
“The investment in SunPower is part of IFC’s climate change strategy that supports the scaling-up and cost-competitiveness of renewable energy sources to reduce greenhouse gas emissions,” said Dimitris Tsitsiragos, IFC Director for Global Manufacturing and Services. “IFC has been investing in the Philippines for over 40 years, mainly in financial services and infrastructure sectors. Therefore, this investment represents an opportunity for IFC to broaden its developmental impact in the country.”
Investing in the solar photovoltaic supply chain is a critical part of IFC’s climate change strategy, as solar energy is a reliable source of carbon-free electricity that can be used in grid-connected and off-grid applications.
“SunPower is looking forward to a growing relationship with IFC,” said Dennis Arriola, executive vice president and CFO for SunPower Corp. “This partnership will enable us to drive further improvements to our manufacturing processes, which will allow us to continue delivery of our high-efficiency solar cells to the global market.”
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $15 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
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About SunPower
Founded in 1985, SunPower Corp. (Nasdaq: SPWRA, SPWRB) designs, manufactures and delivers the planet's most powerful solar technology broadly available today. Residential, business, government and utility customers rely on the company's experience and proven results to maximize return on investment. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australia and Asia, including its facilities in the Philippines. For more information, visit
www.sunpowercorp.com
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