Sunpower secures RMB 30mn Manufacturing and Services tender

SINGAPORE: Sunpower Group Ltd., an environmental protection solutions specialist with a leading edge in anti-pollution investment projects, has won Manufacturing and Services (M&S) tender worth over RMB 30 million from new customer Fujian Gulei Petrochemical Co., Ltd.

Fujian Gulei Petrochemical is a large-scale chemical company, a joint venture between Fujian Petrochemical Co, Ltd and a Taiwan petrochemical enterprise. Sunpower will supply rod baffle heat exchangers for an Ethylene Oxide/Ethylene Glycol (“EO/EG”) unit at the Gulei Refinery and Chemical Integration Project.

When completed, the EO and EG unit will have an annual capacity of 100,000 tons and 700,000 tons respectively. Delivery is expected to be completed in 2020, which will have a positive impact on the Group’s performance for FY 2019 and FY 2020.

Guo Hongxin, Executive Chairman of Sunpower, said, “With this win, we are pleased to establish our inaugural cooperation with Fujian Gulei Petrochemical. It is a strong testament to Sunpower’s track record in supplying equipment and services to large-scale refinery and chemical integration projects. It also underscores our technological and manufacturing capabilities.

To-date, we have served approximately 1,500 customers in over 15 industries, including reputable names such as BASF, BP, Shell, CNOOC, CNPC, SINOPEC, China Shenhua and more. We will continue to expand our customer base through new customer wins to create greater value for our shareholders.”

He continued, “While M&S supports stable and resilient growth in the Group’s performance, GI is our value creator and growth driver that has helped to grow Sunpower into a company with long-term, high quality recurring income and cash flows. In addition to our current 7 operating GI projects, we expect the phase 1 of our Shantou project will be commissioned in the 2H2019 and are planning to execute the Phase 2. With a target to invest RMB 2.5 billion in equity by 2021, Sunpower will continue to build a sizeable GI asset portfolio to maximise its potential as a value creator and growth driver.”

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