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
IFC’s loan will provide funding to
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
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.”
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.
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.