Boston, MA 04/25/2014 (wallstreetpr) – Internet giant Google Inc (NASDAQ:GOOG) and SunPower Corporation (NASDAQ:SPWR) have held hands to provide financial aid for a residential solar lease project. Google will provide $100 million for the project, with SunPower providing another $150 million.
SunPower has expectations that thousands of residents will install solar powered systems through such leases. Approximately 20,000 American homeowners are using solar powered system financed through SunPower’s leases, at present.
Chief Financial Officer of SunPower Corp., Chuck Boynton has stated that they were pleased to team up with Google to make solar power more accessible to families, such that they could have control over their energy costs.
Kojo Ako-Asare, chief of Corporate Financing at Google also stated that they were happy to provide an effective way, which would help people reduce their carbon footprint. They were committed to making efficient use of resources and to expand the use of renewable resources. Their partnership with SunPower makes good business and supports their aim of clean energy future.
Google looking at renewable energy resources
This partnership represents the sixteenth renewable energy initiative, and the third residential solar energy investment byGoogle Inc (NASDAQ:GOOG). These projects include solar installments in Germany, transmission lines for wind farms around the Atlantic coast and wind farms in deserts of Mojave. Google has invested about 1 billion on renewable energy resources. These projects can generate more than two gigawatts of energy altogether, which is enough to power around 500,000 U.S. homes.
SunPower’s state
Revenues of SunPower Corporation (NASDAQ:SPWR) have pushed up 3.7% over last year to $2.7 billion in 2013. The company expanded its gross margins from 9.4% over last year to 19.6% in FY13. SunPower generated $1.4 billion from these solar power systems in fiscal 2013, an increment of 6.2% each year. Residential area investment has generated revenues of $137.05 million in 2013.
SunPower is expecting to declare the results of this team-up for its first quarter of the financial year on April 25, 2014. Experts are expecting an increase in revenues by more than 33 percent. Collective earnings are expected to boost up by more than 240 percent.
SunPower Corporation (NASDAQ:SPWR) has the consistency of overcoming analyst’s expectations for collective earnings, for the last eleven quarters.
