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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."

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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.

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