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Sunpower Group wins 242m yuan manufacturing, services contract

ENVIRONMENTAL solutions company Sunpower Group said on Monday that it has won a 242 million yuan (S$48.96 million) manufacturing and services contract from Shenhua Yulin Energy Chemical Co, a subsidiary of repeat customer China Energy Investment Co.

Sunpower will provide services including design, engineering, procurement and construction of a high salt crystalliser for the Yulin Recycling Economy Coal Comprehensive Utilisation Project. This is the third such contract Sunpower has undertaken for the Yulin Project, which it says is one of the world's largest coal and chemical projects.

The new contract is expected to have a positive impact on the group's performance for FY19 and FY20.

Sunpower's executive chairman Guo Hongxin said: "We are heartened to win another repeat contract from CHN Energy and provide solutions for the landmark Yulin Project again. Sunpower has established a solid track record in supplying high-quality equipment and solutions for large-scale projects."

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He added that Sunpower's green investments (GI) business is its key value creator and growth driver, as it is capable of generating recurring income and cash flow for the group. Sunpower has seven operating GI projects and five more lined up, and is on target to invest 2.5 billion yuan in equity by 2021 to build a sizeable portfolio of GI assets.

Sunpower shares closed flat at S$0.515 on Monday before the announcement.