SunPower Corporation SPWR recently announced that its solar installation with generation capacity of 1.7-megawatt (MW) at Bose Corporation's headquarters in Framingham, MA, is now fully operational. The facility, constructed by SunPower, will also be operated by the solar panel manufacturer.
The company has installed nearly 4,000 of its high-quality solar panels at the facility, which are expected to generate approximately 2.4 million of kilowatt hours of energy annually. This in turn, will generate enough electricity in the grid to light up a substantial portion of the Bose campus, through a 20-year power purchase agreement.
SunPower’s Solar Potential
SunPower is one of the most forward-integrated solar companies. It continues to witness growth across residential and commercial markets. In its residential unit, solid demand observed for its residential Equinox solution, is expected to trigger growth in the U.S. residential market and gain share with its high efficiency Equinox complete system solution.
Also, the company continues to focus on the sale of its new Oasis complete solution, consisting of SunPower’s low cost, high efficiency P-series solar panels, which are expected to further expand the company’s global footprint at minimal capital cost. The company anticipates the global solar market to expand by nearly 40% over the next five years with significant customers’ demand coming in from its high efficiency premium price panel technologies such as IBC and P-Series products.
Growing Solar Demand
As per, the U.S. Energy Information Administration (EIA), solar capacity is anticipated to grow 127 gigawatt (GW) in 2050 from 2.3 GW at the end of the first half of 2018. Also, electricity produced from solar power will likely account for nearly 14% of total energy output to be generated during the same period. The above projection from EIA indicates a massive addition of solar generation in the electricity production mix. Such projections conclude that there will be increasing demand for solar panels and modules, including that of SunPower’s products, thereby offering significant growth prospects for global solar players.
To this end, other solar companies are also expanding their footprint in the global solar space, like Canadian Solar CSIQ, which currently has multiple late-stage 2.2 gigawatt-peak utility-scale solar power projects in its pipeline including those under construction. Another company in the same space, JinkoSolar Holding Co. JKS, has multiple global solar projects in its pipeline.
Also, Enphase Energy ENPH is continuously putting in efforts and carrying out research and development to introduce new and better quality microinverters to serve its existing and potential solar customers. The company currently plans to introduce a series of IQ 7X solar microinverter during fourth-quarter 2018.
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