Sunpower secures M&S Contracts totaling RMB185.2 million from Xinjiang Xinte, a subsidiary of TBEA

2018-05-31 18:14 1548
  • Contract win, a repeat order from Xinjiang Xinte, adds on to existing record order book of RMB2.0 billion as at end-March 2018
  • A testament of Sunpower's leading position in servicing reputable polysilicon players
  • Expected to have positive impact on the Group's FY2018 Results

SINGAPORE, May 31, 2018 /PRNewswire/ -- Mainboard-listed Sunpower Group Ltd. ("Sunpower" or the "Group"), an environmental protection solutions specialist with a strong focus on expanding into anti-pollution investment projects ("Green Investments" or "GI") which generates long-term intrinsic value in the form of recurring income and cash flows, is pleased to announce that it has signed another Manufacturing and Services ("M&S") contract worth RMB105.2 million from Xinjiang Xinte Crystalline Silicon High-tech Co., Ltd ("Xinjiang Xinte"), which brought its total contract value from Xinjiang Xinte to RMB185.2 million within one month.

Xinjiang Xinte is a subsidiary of TBEA Co Ltd, ("TBEA CO., LTD"), a provider of systematic solutions for the global energy industry. Xinjiang Xinte has been included into Group's extensive list of reputable customers in the polysilicon industry since 2012, and the list also includes GCL-Poly, the largest polysilicon manufacturer and Tongwei Group. Sunpower will supply raw material towers and cold-hydraulic heat exchangers to Xinjiang Xinte's high-purity polysilicon plant upgrading project. The equipment will be delivered in 2018, and will have a positive impact on the Group's performance for the current financial year ending 31 December 2018 ("FY2018").

Mr. Guo Hong Xin, Executive Chairman of Sunpower, said, "Sunpower has built up a solid track record of delivering high-quality work, over a long span of over 20 years to a diverse group of customers in more than 15 industries. We are heartened to secure a total of RMB185.2 million from our repeat customer TBEA within the short span of a month, underscoring the strong confidence that TBEA has in us, which helps to push the Group's M&S segment order book to a new record high. Moreover, we are pleased that our M&S business also has a proven track record of being able to deliver stable revenue growth with healthy margins."

Mr Guo added, "In addition, the Group has set its sights on developing its GI business for long-term recurring income and cashflows, given the huge market potential driven by China's accelerating 'green movement' and supported by a de facto monopolistic business model of GI. With our technological expertise and management capability, Sunpower will work towards increasing the size of its GI project portfolio that has high net present value (NPV) and attractive double-digit project IRR, ultimately growing shareholder value over the long and medium term."

About TBEA CO., LTD.

TBEA is an active participant in the three national strategic industries of high-end power transmission and transformation equipment manufacturing, renewable energy and new materials. It has successfully established three listed companies: TBEA (stock code 600089), Xinjiang Joinworld Company Limited (stock code 600888) and Xinte Energy (stock code HK1799).

The Company has provided green technology solutions, smart environmental solutions and reliable energy equipment to more than 60 countries, including the United States, Russia, Brazil, Mongolia, Tajikistan, Kyrgyzstan, Pakistan, etc. It has also supplied turnkey projects and systematic solutions ranging from survey to design, construction, installation and debugging, training, operation and maintenance. For more information, please refer to:

About Sunpower Group Limited

Founded in 1997, Sunpower Group Ltd. (SGX: 5GD.SI) is an environmental protection solutions specialist in proprietary energy saving and clean power technologies, with a strong focus on expanding into anti-pollution investment projects ("Green Investments") which generates intrinsic value in the form of long-term, recurring and high quality cash flows.

With proven capabilities in technology innovation and proprietary clean energy solutions, Sunpower is shaping a green future for itself by continuously developing its business segments of Green Investments (GI) and Manufacturing & Services (M&S).

Sunpower has rapidly expanded its GI business in recent years by leveraging on its existing core technologies of high-efficiency heat transfer, long distance heat insulated steam distribution, energy-saving and ultra-low emission clean power generation. The GI segment is mainly focused on the investment and operation of centralised steam and electricity supply business, which is expected to bring in additional stream of recurring income to the Company.

For M&S segments, Sunpower has delivered superior quality products and services to approximately 1,500 customers in over 30 countries across the globe to date. Its reputable customer base includes BASF, BP, Shell, SABIC, DowDuPont, Alcoa and Mobil, China Petrochemical Corporation (SINOPEC), China National Petroleum Corporation (CNPC), China National Offshore Oil Corporation (CNOOC) and China Shenhua.

For more information, please refer to:

Winnie Lyu

Gregory Yap



Phone: +86 25 5216 9718

Phone: +65 9889 5054


Source: Sunpower Group Ltd.
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