Sunpower (SPWRA) landed another solar supply deal with the French retailer Casino Group today. Last year, Sunpower signed a 14MW deal with the company and today it signed a 20MW deal which allows Casino group to install additional solar panels on the roof tops of its properties in France. They will use Sunpower’s E19 series solar panels which provide efficiency up to 19%.
GreenYellow (renewable energy subsidiary of Casino Group) COO Phillipe Houins commented: “As an indication of the fast development of GreenYellow and to improve our continued commitment to sustainability, Casino Group is very pleased to extend our agreement with SunPower and install solar power systems on a significant number of additional properties. SunPower’s proven high-efficiency technology delivers the highest energy density in space constrained areas. This permits us to maximize the amount of clean, renewable solar power that will be produced at our facilities, maximizing cost optimizations and environment benefits. The choice of SunPower reinforces our commitment to building-integrated solar systems which is today the best way to produce renewable energy by the valorization of non-utilized space.”
The news didn’t help the stock any today as SPWRA closed down about 6% and continues to fail at resistance of the 50 day moving average. That being said, SPWRA is still a compelling long term entry down around these levels.
