SunPower Corp.(NASDAQ: SPWR) has announced that the company has extended its long-standing partnership with Toshiba for the next several years. Under the terms of the master supply agreement, Toshiba will place orders of more than 100-megawatts (MW) for SunPower's high efficiency solar panels to support the rapidly growing residential solar market in Japan. Since SunPower first partnered with Toshiba in 2010, it has delivered approximately 70 MW of its high-performance solar panels.
"Toshiba has become a leading provider of high efficiency solar systems to the Japanese residential market and with this new agreement we will continue to deliver the most reliable photovoltaic systems in the country," said Toshiba Executive Officer, Corporate Vice President, Takeshi Yokota. "SunPower is the world technology solar leader and for this reason, we are extending our partnership for the next few years."
"Our long-standing partnership with Toshiba has allowed us to steadily grow our market share in Japan. With this new multi-year commitment, we will more than triple our sales to the company since we first signed our agreement in 2010," said Tom Werner, president and CEO of SunPower Corp. "We are pleased that our relationship with Toshiba, a global business leader, enables them to offer the highest efficiency and highest reliability solar panels, with guaranteed performance, and look forward to continued success in this region."