SunPower shares rise premarket; working with HP on solar electric power system |
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Tue, 27 Nov 2007 15:00
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BOSTON (Thomson Financial) - Shares of SunPower Corp. rose in premarket trades Tuesday after the San Jose, Calif.-based solar electric power manufacturer said it is working with Hewlett-Packard Co. to design, install and operate a 1-megawatt solar electric power system on HP's printer manufacturing plant in San Diego.The company also said it is working with Hewlett-Packard employees to place solar electric power systems on their homes at preferred rates.Hewlett-Packard will purchase solar-generated electricity for the San Diego facility under SunPower Access, a power purchase agreement program, priced against retail rates and providing HP with a long-term hedge against rising peak power prices, SunPower said.Shares rose 3.7% to $111.96. The stock closed Monday at $108, just shy of nearly tripling its value for the year.Greg Saulniergs/pcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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