The PowerLight acquisition is expected to be immediately accretive to SunPower's non-GAAP earnings.(1) PowerLight is a leading global provider of large-scale solar power systems, delivering over a decade of experience and financial value to commercial, public sector, utility and residential customers.

PowerLight has designed and deployed hundreds of large-scale solar systems with a total capacity of more than 100 megawatts.

SunPower intends to file a registration statement with the United States Securities and Exchange Commission to register the shares of SunPower's common stock issued in connection with the acquisition for resale by PowerLight shareholders.

SunPower will be hosting a conference call to discuss fourth-quarter and year-end 2006 results, PowerLight 2006 results and guidance for the combined company at 10:30 a.m. Pacific Standard Time on Thursday, January 25, 2006 which can be accessed by dialing +1-517-623-4618, passcode SunPower. The event will also be broadcast over the Internet and can be accessed through SunPower's web site here. The webcast will be archived for two weeks following the event. Full text of the press release and supplemental financial information will be made available on the SunPower web site at http://investors.sunpowercorp.com/ on the morning of the conference call.

"With the acquisition of PowerLight, SunPower seeks to offer our investors accelerated revenue growth and market diversification as we deliver faster solar system innovation to our customers," said Tom Werner, SunPower CEO. "Together, we plan to reduce the installed cost of a solar system by half over the next five years. When we achieve that goal, we believe our solar systems will produce power that can compete with retail electric rates and become a mainstream energy resource. Radically simplifying and improving the customer experience is a crucial step to reducing solar power costs. The downstream or customer delivery portion of the value chain represents up to 50 percent of today's installed solar system cost. We believe that we can accelerate downstream efficiency gains by combining the technology portfolios, supply chains, product development expertise and services of our two companies."

As specified in the merger agreement, the total consideration for the acquisition is $265 million plus stock-based employee retention amounts totaling $67.5 million which vest over two to four years. The aggregate consideration consists of approximately $130.0 million in cash and $202.5 million in stock and is expected to result in a tax-free merger for PowerLight's shareholders. The stock portion of the purchase consideration is subject to final determination for accounting purposes and is likely to be higher than the amounts specified above based on the Company's recent stock price.

Related Links
SunPower
Powering The World in the 21st Century at Energy-Daily.com
All About Solar Energy at SolarDaily.com

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