Sunpower Group secures contract worth over 150m yuan from Sinopec

ENVIRONMENTAL protection solutions provider Sunpower Group said on Thursday that it has secured a manufacturing and services tender worth more than 150 million yuan (S$30.1 million) from energy and chemicals group Sinopec, a repeat customer.

Under the tender, Sunpower will manufacture and supply two types of liquefied natural gas (LNG) vaporisers - Submerged Combustion Vaporisers and seawater Intermediate Fluid Vaporisers - for Sinopec's large LNG receiving terminal in Shandong province.

Sunpower will utilise its proprietary LNG regasification technology to help the LNG receiving terminal convert LNG from its liquified form at a cryogenic temperature of around -163 deg Celsius into gas with high heat-transfer efficiency.

Delivery of the contract is expected to be completed by FY2021, and have a positive impact on the group's financial performance in FY2020 and FY2021.

Guo Hongxin, executive chairman of Sunpower, said: "We will continue to expand our GI (green investments) business which is Sunpower's value creator and growth driver that generates long-term, high-quality recurring income and cash flows."

To date, it has invested and committed about 1.7 billion yuan in project equity and is advancing steadily towards its investment target of 2.5 billion yuan in project equity by 2021, he added.