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Sunpower ink 76.8 million yuan deal with Chongqing Iron & Steel Company

Sunpower has won its second tender to work for the Chinese steel manufacturer

Sunpower, a China-based clean tech focused energy company, has inked a 76.8 million yuan deal with Chongqing Iron & Steel Company, media reports said.

Executive chairman Guo Hongxin told the media, “Sunpower’s green investments (GI) business has “bounced back” from the temporary headwinds of the coronavirus pandemic after China’s economy reopened. In the first half of this year, the GI segment’s profitability improved because of better operational efficiency and further cost control. GI remains our primary value creator and growth driver which delivers high-quality recurring income and cash flows over the long term.”

It is reported that Sunpower has won its second tender to work for the Chinese steel manufacturer. Sunpower will provide comprehensive turnkey services such as design, procurement, construction, installation and integration to the Chongqing-based company, under the new tender.

Furthermore, Sunpower will also help them to reform and upgrade their waste-heat-to-power facilities. The company will recycle waste heat to generate power through its proprietary waste-heat recovery technology.

The project is expected to be completed next year. According to Sunpower, the tender will boost its financial performance for the current and next year. The company plans to inject 2.5 billion yuan in GI project equity by next year. Currently, it has one GI project which is on trial production, three under construction and one pipeline project under evaluation.

The share prices of Sunpower rose 1.7 percent this week.

The deal is a big achievement for Sunpower as many companies in China are struggling to recover from the impacts of Covid-19 crisis.

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