SunPower to supply more than 100 MW solar panels to Toshiba

Reuters News
Posted: Sep 12, 2012 5:29 PM

(Reuters) - Solar panel maker SunPower Corp said it will supply more than 100 megawatt (MW) solar panels to Japan's Toshiba Corp under a multi-year agreement.

SunPower has been looking to grow in Asia as the solar sector battles with pressured margins due to weak European demand and a glut that has dragged down prices.

The company said it has delivered about 70 MW of solar panels to Toshiba since the first agreement in 2010.

The San Jose, California-based company said last month it expects nearly 10 percent of its revenue in 2012 to come from Japan.

Shares of SunPower Corp were slightly up at $4.83 after the bell. They closed at $4.80 on the Nasdaq on Wednesday.

(Reporting By Garima Goel in Bangalore)