– US solar company SunPower Corp on Wednesday confirmed its financial guidance for this year and next, citing strong residential demand for panels and battery storage and support for renewable energy from President Joe Biden's administration.
The company supported the outlook despite delivery bottlenecks on some electronic components and higher freight costs affecting industries from solar to auto. SunPower said it is confident it will have access to the components it will need this year to meet its growth targets.
The Californian company in San Jose, which is majority-owned by the French Total SE, is currently changing from a solar module manufacturer to a financing and installation company that focuses on the US residential and commercial market. Last year the company spun off its solar factory into a new company, Maxeon Solar Tehnologies.
As part of this transition, SunPower recently hired former Amazon Inc. general manager Peter Faricy as its general manager. Its mandate is to improve the company's customer experience and marketing efforts as rooftop solar adoption grows and integrates with battery storage and electric vehicles.
SunPower continues to expect fiscal 2021 revenue growth of 35% and adjusted earnings before interest, taxes, depreciation and amortization to increase 40% in fiscal 2022.
Speaking on a conference call with analysts, Faricy said SunPower would benefit from several guidelines proposed in the Biden government's infrastructure plan, including a 10-year extension of solar tax credits, a tax credit for energy storage, and the goal of running federal renewable energy assets.
“This is a crucial time for all of us politically,” said Faricy. “There has never been a better opportunity for this industry to capitalize on the momentum we have here.”
SunPower shares rose 36 cents, or 1.6%, to $ 23.36 in afternoon trading on the Nasdaq.