American solar PV manufacturer SunPower has posted impressive growth in its 2014 fourth quarter earnings report, up nearly double to $1,164.2 million.
SunPower announced its 2014 fourth quarter earnings on Tuesday, and it seems that the market is happy with the results. GAAP revenue of $1,164.2 million was up dramatically on the year’s third quarter revenue of $662.7 million.
“2014 was a very important year for SunPower in terms of our strategic development,” said Tom Werner, SunPower president and CEO. “We significantly expanded our international power plant market footprint while constructing the world’s largest solar power plant in California. On the distributed generation (DG) side of our business, we made a number of acquisitions and strategic investments that we believe position SunPower as a leader in the emerging smart energy eco-system.
“Exiting the year, we saw continued strength in both our power plant and DG businesses while executing well against our long term cost reduction roadmap. We also expect production of our first PV cell from our new Fab 4 facility mid-year 2015 as we continue our capacity expansion plans.”
In reference to “the world’s largest solar power plant,” the 579 MW Solar Star project is on track for “substantial completion … by the end of the second quarter” of 2015.
As mentioned elsewhere, SunPower is also “in advanced negotiations” with competitor First Solar “to form a joint YieldCo vehicle to which they each expect to contribute a portfolio of selected solar generation assets from their existing portfolio of assets.”
SunPower’s share price jumped several points at news of this on Monday, but unlike First Solar — whose shares took a hit after its fourth quarter earnings — SunPower seems to have held onto the market boost.