SunPower Closes the Industry's First Solar Project Bonds

By Sunpower Corp., PRNE
Tuesday, December 14, 2010

72-Megawatt Montalto di Castro Solar Power Plant Completed; One of the World's Highest Generating Solar Plants

SAN JOSE, California, December 15, 2010 - SunPower Corp. (Nasdaq: SPWRA, SPWRB) today announced that it has closed
its euro 195.2 million solar bond issuance associated with the company's
44-megawatt (MW) Montalto di Castro solar park in Italy. The proceeds will be
used to pay for the development and construction of the solar park, which is
now complete and connected to the local electrical grid. SunPower also
announced that the sale of the 44-MW solar park is scheduled to close before
the end of this year.

"This is the world's first publicly rated bond issue for a solar project,
as well as Italy's first rated project bond. It opens up a new global-scale
pool of capital to fund solar projects beyond traditional project financing
from banks," said Dennis Arriola, SunPower CFO. "Achieving investment grade
ratings is a milestone for the solar sector and further demonstrates the
bankability of SunPower's turnkey solar energy systems. Our success is a
culmination of an exhaustive due diligence process which resulted in various
independent parties recognizing the technical, financial and operating
expertise that SunPower delivers."

The solar bonds were issued in two classes:

    - Class A1 bonds of euro 97.6m in fixed rate notes paying 5.715 percent,
      due in 2028
    - Class A2 bonds of euro 97.6m in fixed rate notes paying 4.839 percent,
      due in 2028

The Class A1 benefit from a loan guarantee by SACE (an insurance and
financial group controlled by Italy's Ministry of Economy and Finance) and
its Aa2 credit rating from Moody's. The class A2 bonds have been rated Baa3
from Moody's and were purchased by the European Investment Bank.

Concurrently, SunPower announced the completion of the entire 72-MW
Montalto di Castro solar park, which is one of the world's largest solar
parks in terms of energy generation. All phases of the project have been
constructed using high-efficiency SunPower solar panels and SunPower T0
Tracker technology to generate approximately 140 gigawatt hours of
electricity per year.

"The Montalto di Castro solar park is the first and largest solar project
of its kind and we are proud to announce its completion," said Yoram Amiga,
president, utility and power plants international for SunPower. "Today, Italy
is experiencing a strong demand for solar, as it can be installed quickly, is
cost-competitive and a reliable source of power. SunPower's ability to
finance the final phases of the park through solar bonds underscores the
strong appeal of predictable cash flows from our systems technology and
utility-scale project execution expertise."

The SunPower developed solar park is located in the Lazio region of Italy
near Rome, where the 20-MW first phase was connected to the grid in November
of 2009, several weeks ahead of schedule. The 8-MW second phase was
commissioned earlier this fall, and the third and fourth phases, totaling 44
MW, were completed earlier this month. SunPower will provide operations and
maintenance services for the solar park.

The lead managers for the bonds were BNP Paribas, London Branch and
Societe Generale (Corporate & Investment Banking). Societe Generale is also
the lead manager for the VAT Loan. The company was advised by Allen & Overy
(London and Rome) on legal matters and by Deloitte LLP (Rome) on tax and
accounting matters.

Editors' Note: The capacity of power plants in this release is described
in approximate megawatts on an alternating current (AC) basis unless
otherwise noted. On a direct current (DC) basis, the final two phases of the
Montalto di Castro solar park total approximately 51 MW in capacity and form
part of a multi-phase solar park with a capacity of approximately 85 MW (DC).

About SunPower

Founded in 1985, SunPower Corp. (Nasdaq: SPWRA, SPWRB) designs,
manufactures and delivers the planet's most powerful solar technology broadly
available today. Residential, business, government and utility customers rely
on the company's experience and proven results to maximize return on
investment. With headquarters in San Jose, Calif., SunPower has offices in
North America, Europe, Australia and Asia. For more information, visit

SunPower's Forward-Looking Statements

This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that do not represent historical facts and may be
based on underlying assumptions. SunPower uses words and phrases such as
"will" and "scheduled to" to identify forward-looking statements in this
press release, including forward-looking statements regarding (a) the use of
proceeds for the development and construction of the solar park, and (b) the
sale of equity of the 44-MW solar park before the end of 2010. Such
forward-looking statements are based on information available to SunPower as
of the date of this press release and involve a number of risks and
uncertainties, some beyond SunPower's control, that could cause actual
results to differ materially from those anticipated by these forward-looking
statements, including risks and uncertainties such as: (i) SunPower's ability
to sell the equity of the 44-MW solar park, and investor interest in
purchasing the solar park; (ii) general business and economic conditions,
including seasonality of the industry; (iii) growth trends in the solar power
industry; (iv) the continuation of governmental and related economic
incentives promoting the use of solar power in Italy; (v) unanticipated
delays or difficulties securing necessary permits, licenses or other
governmental approvals; and (vi) other risks described in SunPower's Annual
Report on Form 10-K for the year ended January 3, 2010 and Quarterly Report
on Form 10-Q for the quarter ended October 3, 2010, and other filings with
the Securities and Exchange Commission. These forward-looking statements
should not be relied upon as representing SunPower's views as of any
subsequent date, and SunPower is under no obligation to, and expressly
disclaims any responsibility to, update or alter its forward-looking
statements, whether as a result of new information, future events or

SunPower is a registered trademark of SunPower Corp. All other trademarks
are the property of their respective owners.

Christelle Huwiler of SunPower Corp., +41-22-304-15-93, Christelle.Huwiler at; or Monica Cipparrone of Aida Partners Ogilvy PR, +39-02-89504650, monica.cipparrone at, for SunPower Corp.

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