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Sunpower secures 65.5m yuan contract from JV company of repeat customers

ENVIRONMENTAL solutions company Sunpower Group has secured 65.5 million yuan (S$12.7 million) in manufacturing and services (M&S) contracts with PSS Netherlands BV, a joint venture company of three repeat customers.

The group said in a Singapore Exchange filing on Monday that the contracts involve supplying heat exchangers to PSS Netherlands' Sriracha oil refinery in Thailand. The contracts are due for delivery in 2020 and are expected to have a positive impact on the group's financial performance for FY2019 and FY2020.

PSS Netherlands is the engineering, procurement and construction (EPC) contractor for the Clean Fuel Project (CFP) of Thai Oil Public Co Ltd. The CFP will help the refinery produce more environmentally friendly transportation fuel, lower feedstock cost and expand capacity.

Sunpower Group has been focusing on expanding into anti-pollution investment projects, or green investments (GI), which generate long-term intrinsic value through recurring income and cash flows.

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"Over the years, Sunpower has proven its ability to competitively supply high-quality equipment and services to the global oil refinery sector," said Sunpower executive chairman Guo Hongxin.

Noting that Sunpower has established a diversified M&S customer base spanning more than 15 industries in 30 countries, he added: "In turn, our strength in M&S complements the rapid growth of the GI business which is the group's primary value creator and growth driver."