SunPower Expands into Energy Services with New England Auction Bid Win

Company's Solar Offering Proves to be Cost Competitive with Traditional Energy Sources

PVTIME – SunPower (NASDAQ:SPWR) recently executed on its plan toward
becoming an energy services provider when it was selected to deliver close to
11 megawatts (MW) of direct current (DC) solar power in New England as a
result of the region's 14th Forward Capacity Auction (FCA 14). The auction is
held annually to ensure that the six states in ISO New England's service territory
have enough resources to meet future electricity needs.

By aggregating its residential portfolio as a virtual power plant to
participate in the auction, SunPower was able to offer localized, renewable
capacity at lower prices. The company's capacity joins hundreds of MW of clean
energy technology to deliver electricity in the region between years 2023 and
2024. According to ISO New England,
the organization secured capacity at the lowest price in the auction's history.

"SunPower has a large and growing residential customer base, and we
look forward to leading the transformation toward a flexible, local, and
renewable grid by offering solar and storage services to key organizations like
ISO New England and its constituents," said Tom Werner, SunPower CEO and
chairman of the board. "This is a historic moment for SunPower and a big
win for ISO New England. In the U.S., distributed solar technology is now
producing reliable electricity at costs competitive to traditional energy
sources like coal and gas which is a major shift from just a few years
ago."

Working with its best-in-class dealer network, SunPower will sell and
install approximately 1,375 home solar solutions in New England to fulfill its
capacity obligations.

CPower Energy Management, a demand-side energy management company with
extensive experience successfully participating in capacity markets, partnered
with SunPower in this ISO New England bid. The partnership combined CPower's
experience in these markets with SunPower's ability to aggregate residential
solar electric systems.

"CPower is proud to partner with SunPower to generate value for their
customers through leveraging the inherent supply of SunPower's residential
solutions to support the stability of the grid," said Joseph Gatto, CPower
Vice President and General Manager of New England.

Werner continued, "We look forward to exploring future virtual power
plant opportunities with our complete Equinox home solar-plus-storage system,
as SunPower expands energy services in the North American residential
market."  

To learn more about SunPower's complete residential solar solutions, visit
www.sunpower.com.

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