SunPower (SPWR) reported a steep decline in Q1 profit as it sold fewer of its power plants in preparation for a yieldco with First Solar (FSLR) but still topped estimates. San Jose, Calif.-based SunPower earned 13 cents a share excluding items, down 73.5% from a year earlier, but above views by 4 cents. Non-GAAP revenue fell 37% to $430.6 million, missing views of $452.6 million. Shares were down 1.2% in late trading after closing down 3.3%. The
Apple (AAPL) is taking its commitment to clean, renewable energy into China. Apple has partnered with SunPower (SPWR) on two solar power projects totaling 40 megawatts in the Aba Tibetan and Qiang Autonomous Prefectures, Sichuan Province of China. When complete, the two projects will be co-owned by Apple and Sichuan Shengtian New Energy Development, SunPower’s project development joint venture. The projects are expected to be completed in the
First Solar (FSLR) shares sizzled on the stock market Tuesday, adding to their 40% growth in 2015. The stock has gained on the news that the company would partner with SunPower (SPWR) on a yieldco. The solar panel maker is also getting a boost from its rollout of a new service to manage customer power plants. And last month, First Solar announced that it’s committing $848 million to partner with Apple (AAPL) to supply power to the tech giant’s new