1. © 2011 SunPower Corporation
© 2012 SunPower Corporation
The State of LCPV Commercialization
October 18th, 2012

2. 2
2
Safe Harbor Statement
This presentation contains forward-looking statements within the meaning of the Private Securities litigation Reform Act of 1995. Forward-looking
statements are statements that do not represent historical facts and may be based on underlying assumptions. SunPower uses words and phrases
such as “driving,” “within reach,” “predictable,” “will,” “pipeline,” “visibility,” “goal,” “projected,” “target schedule” and similar words and phrases to
identify forward-looking statements in this presentation, including forward-looking statements regarding: (a) plans and expectations regarding future
financial results, operating results, liquidity, cash flows, capital expenditure and business strategies, (b) management’s plans and objectives for
future operations, (c) reaching the goal of mass market cost-effectiveness and competing with conventional energy sources, (d) forecasted demand
growth in the solar industry, and projected bookings and pipelines, (e) utility project construction and timing, completion, ability to obtain financing, (f)
growth in dealer partners, (g) product development, advantages of new products, and competitive positioning, (h) manufacturing plans and expected
savings, and (i) the success and benefits of joint ventures, acquisitions and partnerships. Such forward-looking statements are based on information
available to SunPower as of the date of this presentation and involve a number of risks and uncertainties, some beyond SunPower’s control, that
could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as (i)
increasing supply and competition in the industry and lower ASPs, impact on gross margins, and any revaluation of inventory as a result of
decreasing ASP or reduced demand; (ii) the impact of regulatory changes and the continuation of governmental and related economic incentives
promoting the use of solar power, and the impact of such changes on revenues, financial results; (iii) ability to meet cost reduction plans and reduce
operating expenses; (iv) ability to obtain and maintain an adequate supply of raw materials, components, and solar panels, as well as the price paid
for such items and third parties' willingness to renegotiate or cancel above market contracts; (v) general business and economic conditions, including
seasonality of the solar industry, growth trends in the solar industry, and the challenges in becoming price competitive with conventional energy
sources; (vi) ability to revise portfolio allocation geographically and across downstream channels to respond to regulatory changes; (vii) ability to
increase or sustain growth rate; (viii) construction difficulties or potential delays, including obtaining land use rights, permits, license, other
governmental approvals, and transmission access and upgrades, and any litigation relating thereto; (ix) timeline for revenue recognition and impact
on operating results; (x) the significant investment required to construct power plants and the company's ability to sell or otherwise monetize power
plants, including the company's success in completing the design, construction and maintenance of CVSR and the 711MW project for Southern
California Edison; (xi) fluctuations and unpredictability in operating results; (xii) the availability of financing arrangements for the company's projects
and the company's customers; (xiii) potential difficulties associated with operating the joint venture with AUO and ability to achieve the anticipated
synergies with Tenesol; (xiv) success in achieving cost reduction, ability to remain competitive in product offering and obtain premium pricing; (xv)
liquidity, substantial indebtedness, and ability to obtain additional financing and meet debt covenants; (xvi) manufacturing difficulties that could
arise;(xvii) ability to achieve the expected benefits from relationship with Total; (xviii) the success of ongoing R&D efforts and the acceptance of new
products and services, and ability to protect its IP; (xix) possible impairment or write-off of goodwill, intangible assets, long-lived assets and project
assets; (xx) the success of residential lease program; (xxi) the assumptions and compliance with treasury grant guidance and timing and amount of
cash grant; (xxii) the possible consolidation of AUO SunPower, and (xxiii) other risks described in SunPower’s Annual Report on Form 10-K for the
year ended January 1, 2012 and Quarterly Report on Form 10-Q for the quarter end July 1, 2012 other filings with the Securities and Exchange
Commission. These forward-looking statements should not be relied upon as representing SunPower’s views as of any subsequent date, and
SunPower is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result
of new information, future events or otherwise.

3. 3
SunPower 2012
3
World-leading solar conversion efficiency
>2.5 GW solar PV deployed
More than 200 patents
6,000+ employees
Diversified portfolio: roofs to power plants Strategic investment by Total: #11, F500

4. 4
Total Overview:
 11th largest company in the world*
 2011 sales: €185 billion. 92,855 employees
 Strategic investments in solar
Transformational Investment, June 2011:
 Long-term alignment with strategic investor who shares vision and strategy
 $1 billion credit support agreement accelerates long-term growth plan
 Expands SunPower’s R&D capacity through joint collaboration agreement
 Total’s footprint spans 130 countries expanding SunPower’s market access
Total SA Partnership
* Source: 2011 Fortune Global 500

5. 5
Utility, IPP and Financial Customers and Partners
>2,000 MW
ground-mount
power plants
installed or
under contract
Total power
plant pipeline
of ~5,000 MW

6. 6
Current Oasis Power Plant Projects – 1.4GW+
Under Construction
CVSR 315MWp
MID 30MWp
NRG Borrego 30MWp
Under contract
AVSP 745MWp
Quinto 134MWp
Henrietta 121 MWp
Under Construction
CVSR 315MWp
MID 30MWp
NRG Borrego 30MWp
Under contract
AVSP 745MWp
Quinto 134MWp
Henrietta 121 MWp

7. 7
SunPower & CPV
SunPower was founded in
1985 to focus on CPV for
utility scale PV
The SunPower solar cell was
designed for CPV

8. 8
SunPower C7 Tracker
Key Features and Benefits:
 Up to 20% lower LCOE than
competing technologies for utility-
scale solar power plants
 High performance Maxeon® cell
efficiency up to 24%
 Based on more than 1,000 MW of
tracking power plant experience
 Rapid installation without
specialized field labor
 Modular solar cell receivers enable
future plant performance upgrades
C7 Tracker Profile

9. 9
The SunPower® C7 Tracker:
Bankability from the Ground-up
Standard
SunPower
solar cell with
over 25 years
of experience
Standard
SunPower
solar cell with
over 25 years
of experience
Glass mirrors with
over 25 years of
solar experience
Glass mirrors with
over 25 years of
solar experience
Single-axis tracker
based on 1,000
MW installed base
Single-axis tracker
based on 1,000
MW installed base
Advanced airflow
management enables
low operating
temperature
Advanced airflow
management enables
low operating
temperature
“Snap-in” mirrors and
receivers enable easy
replacement and
performance upgrades
“Snap-in” mirrors and
receivers enable easy
replacement and
performance upgrades
Simple optical system uses glass mirrors to focus 7 suns onto a
SunPower high efficiency solar cell

10. 10
The SunPower Solar Cell – The World’s Best Silicon
Concentrator Cell
 The SunPower solar cell was designed from the beginning for CPV
 The cell efficiency actually increases under concentration
 High temperature performance is up to 6% higher than conventional PV
 Under 7 suns the cell efficiency is 22.8% efficiency and the module
delivers 20.1%
C7
SunPower Cell Efficiency vs. Sunlight Intensity
Gen 1
Gen 2
SunPower Back Contact Solar Cell

11. 11
Excellent C7 Performance vs. Modelled Output
The performance of the Sandia C7 installation is at 100.7% of the PV Sim
predicted value demonstrating excellent model fit
100.7% Annual
Energy Production
vs. PVSim
Predicted
100.7% Annual
Energy Production
vs. PVSim
Predicted

12. 12
Arizona State University / SRP – 1.1MWp
 Salt River Project Utility (SRP) will buy Electricity through a
PPA
 Completion date December 2012
 Located in Arizona State University , Mesa Arizona
ASU/SRP 1.1MW
System

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Tucson Electric Power – 7MWp
 Location – Southern Arizona
 7MWp / 6MW AC
 4 x 1.5MW AC Oasis C7
Power Blocks
 COD by Q4 2013
 Utility owned and operated
 2nd largest CPV system in
the world
TEP Oasis C7
Layout

14. LCPV vs. HCPV
LCPV benefits:
– More bankable
– One-axis tracking - less
complex mechanical
system
– Lower O&M
– Future upgradeability
– Rapidly scalable
– Cost effective in wider
range of DNI environments
14
C7 Tracker HCPV
3.7 meters 6‐17 meters
12 feet 20‐56 feet
Concentration ratio 7 500‐800
Efficiency 20.1% 27/29%
5.2 acres 6.5 acres
2.1 hectares 2.6 hectares
Tracker type 1‐axis 2‐axis
Diffuse light capture 18% 0%
AC Capacity Factor* 30% 33%
Solar cell Silicon Triple junction
MW of installed solar cells 2GW + < 20MW
Solar cell experience 20+ years < 5 years
Optics Glass mirrors
Glass and plastic
compound optics
O&M costs 85% 100%
LCOE 80‐90% 100%
*Approximate value for Phoenix, AZ
Height
Land required / MW

15. 15
LCPV Market Applicability
Most existing and emerging power plant markets are in high DNI
regions suitable for CPV:
 Southwest USA
 China
 India
 Saudi Arabia
 South Africa
 Chile

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LCPV vs. Commodity PV Modules
The current market pricing of PV panels is unsustainable:
 Selling prices below cash production
costs
 No margin to invest in R&D or factory
improvements over time
 Low factory utilization across the value
chain
 Cost reductions can be in tension with
long-term module reliability (wafer
thickness, materials selection, etc.)
 Weak dollar and labour inflation may
increase manufacturing costs
 LCPV is LCOE competitive with low-cost
commodity panels

17. 17
SunPower C7 - #1 for Solar Power Plant LCOE
Source: SunPower Q1 2012 Earnings Presentation
SunPower C7

18. © 2011 SunPower Corporation