Sunpower Group wins S$70m contract for heat transfer project in Shandong

SUNPOWER Group has won a 338 million yuan (S$70 million) project to build and operate a centralised heat transfer oil project in Shandong, China.

In an exchange filing on Monday, the group said that it has entered into a 30-year concession agreement with the management committee of the Liutuan Industrial Park in Shandong Changyi Binhai Economic Development Area in Changyi City.

The project, by a joint venture company in which Sunpower will indirectly own a 75 per cent stake, will be carried out in phases, and is expected to start operations in the first quarter of 2018.

Sunpower Group said the investment will be funded by net proceeds from the proposed issue of US$110 million in convertible bonds, bank loans, and internal resources.