Jim Torpey | SunPower

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Visit the Solar Institute for details of the 2011 Solar Symposium: solar.gwu.edu/Symposium.html

Visit the Solar Institute for details of the 2011 Solar Symposium: solar.gwu.edu/Symposium.html

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  • 1. Changing the Way the World Is Powered GWU Solar Institute Jim Torpey April 26, 2011
  • 2. Safe Harbor StatementThis presentation contains forward-looking statements within the meaning of the Private SecuritiesLitigation Reform Act of 1995. Forward-looking statements are statements that do not represent historicalfacts and may be based on underlying assumptions. SunPower uses words and phrases such as"expects," “believes,” “plans,” “anticipates,” "continue," "growing," "will," to identify forward-lookingstatements in this presentation, including forward-looking statements regarding: (a) plans and expectationsregarding the company’s cost reduction roadmap, (b) cell manufacturing ramp plan, (c) financial forecasts,(d) future government award funding, (e) future solar and traditional electricity rates, and (f) trends andgrowth in the solar industry. Such forward-looking statements are based on information available to thecompany as of the date of this release and involve a number of risks and uncertainties, some beyond thecompanys control, that could cause actual results to differ materially from those anticipated by theseforward-looking statements, including risks and uncertainties such as: (i) the companys ability to obtainand maintain an adequate supply of raw materials and components, as well as the price it pays for such;(ii) general business and economic conditions, including seasonality of the industry; (iii) growth trends inthe solar power industry; (iv) the continuation of governmental and related economic incentives promotingthe use of solar power; (v) the improved availability of third-party financing arrangements for thecompanys customers; (vi) construction difficulties or potential delays, including permitting andtransmission access and upgrades; (vii) the companys ability to ramp new production lines and realizeexpected manufacturing efficiencies; (viii) manufacturing difficulties that could arise; (ix) the success of thecompanys ongoing research and development efforts to compete with other companies and competingtechnologies; and (x) other risks described in the companys Annual Report on Form 10-K for the yearended January 3, 2010, and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the companys views as of any subsequentdate, and the company is under no obligation to, and expressly disclaims any responsibility to, update oralter its forward-looking statements, whether as a result of new information, future events or otherwise. 2
  • 3. SunPower >1 GW solar PV deployed 2010 revenue of $2.2 billion >1000 dealers and growing rapidly 550 MW 2010 production Diversified portfolio: roofs to power plants 5,000+ Employees; 100% solar 4+ GW power plant pipeline Publicly listed NASDAQ: SPWRA, SPWRB Residential Commercial Power Plants 3
  • 4. Superior Performance, Superior Quality World’s Most Efficient Solar Cell Residential Rooftop Commercial Rooftop Ground Systems SunPower SunTile® SunPower ® T10 Roof Tile SunPower ® T20 Tracker Class A Fire Rated Up to 10% More Power Up to 30% More Power © 2010 SunPower Corp. 4
  • 5. Over 250 MW of power plants installed in EuropeSerpa, Portugal Isla Mayor, Spain Olivenza, Spain Jumilla, Spain Montalto, Italy Muehlhausen,11 MW 8 MW 18 MW 23 MW 5 24 MW ©Germany, 6 MW Corp. 2010 SunPower
  • 6. SunPower Corporation 4 2 3 1 25 2 2 10 8 8 2 3 2 3 22 1 2 1183 1 4 10 1 2 3 1 3 1 5 1 2 12 15 1 2 3 1 22 91 17 5 1 3 14 2 4 1 3 5 9 2 1 1 1 4 6 341 2 7 9 4 2 1 1 1 2 3 31 1 2 10 1 2 1 1 4 8 29 11 Major SunPower Office/ SunPower Supplier # of SunPower Large- SunPower Dealer Partners Facility Scale Installed Systems
  • 7. SunPower’s US Jobs Growth  2004 US: 40  2009 US: 650  2010 US: 850  2010 Dealers: >400  2011 CVSR: 100s 2011 Manufacturing Plant Milpitas CA: 100 jobs © 2010 SunPower Corp. 7
  • 8. Solar PV History Annual Global PV Additions (MW) ~15,00015,00012,000 9,000 ~8,000 6,000 >5,000 >3,000 3,000 >1,000 >1 >10 >100 >250 0 1978 1983 1997 2000 2004 2007 2008 2009 2010F 5 yrs 14 yrs 3 yrs 4 yrs 3 yrs 8
  • 9. Crystalline Silicon PV Returns to Learning Curve Panel Average Sales Price (ASP) 2008$ 100 1979 $33/W 81% Progress Ratio Module ASP (2008$) 10 2008 $3.17/W Silicon Shortage 2012 $1.40/W 1 1 10 100 1000 10000 100000 Cumulative Production (MW) Last 4 data points: the Prometheus Institute - Thinner wafers 300  145 microns - Efficiency 16%  22+% - Factories 100MW  1,000MW © 2010 SunPower Corp. 9
  • 10. Solar PV Power Plants Are Cost Competitive LCOE by Resource $/MWh: 2010 - 2013 Renewables Solar PV $86 - 192Solar Thermal $119 - 194 Wind $65 - 110 Conventional $231- 254 Gas Peaking Gas CC $67-96 Nuclear $77-114 Coal $69-152 0 50 75 100 150 200 250 300 350 400Prices include federal incentives Levelized Cost ($/MWh)Source: Lazard Capital Markets 6/2010 10
  • 11. 4.2 GW PV in 2009…10+ GW in 2010 European 2009 New Installed and Retired Capacity (MW)Source: EWEA, February 2010 11
  • 12. Lower PV Costs  Customer Driven AdoptionSource: NREL, Break-Even Cost for Residential Photovoltaics in the United States:Key Drivers and Sensitivities (2009) 12
  • 13. 2010-2015: PV = #1 or #2 New Power Resource Global Global US Annual US Annual MW Cumulative MW Cumulative MW MW 2009 8000 20,000 441 1,600 2010 15,000 35,000 1,000 2,600 2015 25-35 GW >100 GW 10 GW 20 GW Slow growth in new capacity creates opportunity for PV to gain share By 2015, PV in range of global wind additions in 2009 2015+ coal retirements = 50 GW of incremental opportunity in U.S. PV must prove it can be a major power resource (demand & supply) Supply will be there: will demand disruption undercut industry health? 13