SunPower Corp. is injecting cash into Diamond Energy Pty Ltd — a privately-owned, alternative energy firm headquartered in Melbourne, Australia. The companies say that the partnership will provide a one-stop shop for Australian consumers interested in renewable energy.
SunPower has acquired a minority stake of approximately 42 percent in Diamond Energy. Under terms of the agreement, it has an option to increase its ownership percentage over time. SunPower will also assume a seat on the company’s board of directors.
“SunPower is taking a step closer to its customers by investing in an electricity retailer like Diamond Energy,” said Tom Werner, president and CEO of SunPower Corp. “More customers will see solar as a cost-effective way to meet growing energy demands, especially as the price of conventional grid power increases in Australia. Through this partnership, SunPower and Diamond Energy are poised to deliver affordable, renewable electricity services that cover everything from the generator to the household electricity meter. We look forward to this new venture and expect it to serve as a model for SunPower’s continuing evolution into a complete energy solutions provider.”
Diamond Energy was founded in 2004. It specializes in developing and delivering renewable energy using solar, wind and wave technologies. The company holds licenses to deliver electricity in mass quantities across the National Electricity Market (NEM) in Australia.
“This investment by SunPower supports the growth and strengthens Diamond Energy for the upcoming clean energy revolution,” said Diamond Energy Managing Director Tony Sennitt. “We generate change here at Diamond, and through this relationship we will be able to bring the world’s most efficient and reliable solar technology to a broad range of households and businesses throughout Australia at affordable prices. We look forward, with SunPower’s support, to expanding the business into a shining, renewable example of what can be achieved when innovative value is delivered to customers.”
The two companies say they will work together to grow commercial and utility solar power projects in Australia.