SINGAPORE (April 3): Sunpower Group has secured a RMB34.5 million ($7 million) manufacturing & services (M&S) contract from East China Engineering Science and Technology (ECEC), a subsidiary of state-owned enterprise China National Chemical Engineering Group Corporation (CNCEC).
Under the terms of the contract, Sunpower will provide equipment and construction installation services for the flare gas system of Phase 1 of ECEC’s Yulin Recycling Economy Coal Comprehensive Utilisation Project.
This also marks the group’s first contract win from ECEC.
In a filing on Wednesday, Sunpower highlights the project as one of the largest coal chemical projects in the world, and says it expects the deal to impact the group’s FY19 financial performance positively.
It also reiterates its focus on green investments (GI) as a value creator and growth driver for the longer term as M&S continues to remain a “stable and resilient” business component of the group.
“In addition to our current portfolio of 7 operating GI projects, we have another 5 projects under construction and/or in the design phase and a robust pipeline of projects under evaluation, allowing us ample headroom to ramp up. With a target to invest RMB 2.5 billion in equity by 2021, Sunpower will continue to build a sizeable GI portfolio to maximise GI’s potential as value creator and growth driver,” says executive chairman Guo Hongxin.
Shares in Sunpower closed 0.9% higher at 57 cents on Wednesday.
