Julie Blunden, VP of Public Policy and Corporate Communications for SunPower Corp, presented at the GW Solar Institute Symposium on April 19, 2010. More information at solar.gwu.edu/Symposium.html

1. SunPower Overview
April, 2010

2. Safe Harbor
This presentation contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical
facts and may be based on underlying assumptions. The company uses words and phrases such as
"expects," “believes,” “plans,” “anticipates,” "continue," "growing," "will," to identify forward-looking
statements in this presentation, including forward-looking statements regarding: (a) our plans and
expectations regarding our cost reduction roadmap, (b) cell manufacturing ramp plan, (c) financial
forecasts, (d) future government award funding, (e) future solar and traditional electricity rates, and (f)
future percentage allocation of SunPower solar panels within our systems business. Such forward-looking
statements are based on information available to the company as of the date of this release and involve a
number of risks and uncertainties, some beyond the company's control, that could cause actual results to
differ materially from those anticipated by these forward-looking statements, including risks and
uncertainties such as: (i) the company's ability to obtain and maintain an adequate supply of raw materials
and components, as well as the price it pays for such; (ii) general business and economic conditions,
including seasonality of the industry; (iii) growth trends in the solar power industry; (iv) the continuation of
governmental and related economic incentives promoting the use of solar power; (v) the improved
availability of third-party financing arrangements for the company's customers; (vi) construction difficulties
or potential delays, including permitting and transmission access and upgrades; (vii) the company's ability
to ramp new production lines and realize expected manufacturing efficiencies; (viii) manufacturing
difficulties that could arise; (ix) the success of the company's ongoing research and development efforts to
compete with other companies and competing technologies; and (x) other risks described in the
company's Annual Report on Form 10-K for the year ended January 3, 2010, and other filings with the
Securities and Exchange Commission. These forward-looking statements should not be relied upon as
representing the company's views as of any subsequent date, and the company is under no obligation to,
and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a
result of new information, future events or otherwise.
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3. SunPower
>1 GW solar PV deployed 2009 revenue of $1.5B
Diversified portfolio: roofs to power plants 550 MW 2010 production
~1000 dealers and growing rapidly 5,000+ Employees; 100% solar
4+ GW power plant pipeline Publicly listed NASDAQ: SPWRA, SPWRB
Residential Commercial Power Plants
© 2010 SunPower Corp.
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4. History
 Original funding VC/DOE/EPRI
 Utility-scale solar dish application
 High performance required
 All-back-contact cell developed
 NASA & Honda early customers
 Great technology, high cost
© 2010 SunPower Corp.
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5. SunPower’s Leading Solar Cell Efficiency
Percent 22.4%
22
In Production Today
20
18
16
14
12
10
8
= Average production efficiency
6
Thin Film Conventional SunPower A-300 SunPower Gen 2
© 2010 SunPower Corp.
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6. SunPower: Most Energy Per Meter Squared
Most powerful solar technology on the planet
Direct Control:
Ingot through Systems
Polysilicon Ingot Wafer Solar Cell Solar Panel System
© 2010 SunPower Corp.
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7. Superior Performance, Superior Quality
World’s Most Efficient Solar Cell
Residential Rooftop Commercial Rooftop Ground Systems
SunPower SunTile® SunPower ® T10 Roof Tile SunPower ® T20 Tracker
Class A Fire Rated Up to 10% More Energy Up to 30% More Energy
© 2010 SunPower Corp.
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8. Value Chain Cost Distribution
Polysilicon Ingot Wafer Solar Cell Solar Panel System $/W
2006 US Solar System Cost Allocation by Category
50%
30%
20%
© 2010 SunPower Corp.
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9. SunPower’s US Jobs Growth
 SunPower US Direct Jobs
– 2004: 40
– 2009: 700
– 2010: 900
 2010 US Manufacturing: +100
 2010 Dealers: >4000
 2011 CVSR: 100s
© 2010 SunPower Corp.
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10. Manufacturing Location Siting Criteria
2009 New Capacity (MW)
1 California 220  Tax Credits / Exemptions
2 New Jersey 57  Local Incentives
3 Florida 36
4 Arizona 23  Long-term demand
5 Colorado 23
6 Hawaii 14
7 New York 12
8 Massachusetts 10
9 Connecticut 9
10 North Carolina 8
Other 29
Total 441
Source: SEIA 2009 Year in Review © 2010 SunPower Corp.
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11. Grid-Tied, U.S. PV Installations Up 38% in 2009
New Grid-Tied PV Installations (MW)
500
450
400
350
300
250
200
150
100
50
-
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009p
Source: SEIA 2009 Year in Review © 2010 SunPower Corp.
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12. Solar PV Scale: 20 GW Installed Base 2009
30,000 Global Annual Demand Forecasts (MW)
26,500
25,000
20,000
15,000
13,000
10,000
3rd Party - High
5,000
3rd Party - Average
3rd Party - Low
-
2009 2010 2011 2012 2013 2014
Sources: Barclays, UBS, JP Morgan, Deutsche Bank, BofA/Merrill Lynch © 2010 SunPower Corp.
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13. Solar PV Uniquely Flexible to Serve All Segments
Rooftops Distributed Central Station
Power Plant Power Plant
Solar policy design drives relative segment growth
© 2010 SunPower Corp.
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14. Power Plants for Utilities
 Experience
– SCE – 200 MW distributed rooftop
– Florida Power and Light – 35MW
– Exelon 8 MW urban infill
– Xcel 17 MW under construction
– PG&E 210 MW in permitting
 Technology
– T5 Rooftile & T0 tracker: most W/meter2
– T20 tracker: highest capacity factor
 Return
– LCOE competitive with gas peaker
– Bankability, ease of permitting
© 2010 SunPower Corp.
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15. Over 250 MW of power plants installed in Europe
Serpa, Portugal Isla Mayor, Spain Olivenza, Spain Jumilla, Spain Montalto, Italy Muehlhausen,
11 MW 8 MW 18 MW 23 MW 24 MW ©Germany, 6 MW Corp.
2010 SunPower
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16. Solar PV Power Plants Are Cost Competitive
LCOE by Resource $/MWh: 2009 - 2012
Renewables
Solar PV $87 - 196
Solar Thermal $129 - 206
Wind $57 - 113
Conventional
$216- 334
Gas Peaking
Gas Combined 0 $69-96
Cycle
0 50 75 100 150 200 250 300 350 400
Levelized Cost ($/MWh)
Prices include federal incentives
Source: Lazard Capital Markets 3/18/2009
© 2010 SunPower Corp.
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17. PV Power Plant LCOE Drivers
 Capital cost dominated by PV, BOS, and land
– PV costs driven down per experience curve + technology
– BOS costs reduced by larger plant sizes, experience curve, and
higher panel efficiencies
– Land development costs lowered by panel efficiency and scale
 Capacity factor increased with tracking systems
– Tracking also delivers more energy during peak demand periods
 Cost of capital function of the perceived risk by investors
– Proven technologies and performance lower cost of capital
© 2010 SunPower Corp.
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18. Crystalline Silicon PV Returns to Learning Curve
Panel Average Sales Price (ASP) 2008$
100
1979
$33/W
81% Progress
Ratio
Module ASP (2008$)
10
2008
$3.17/W
Silicon
Shortage 2012
$1.40/W
1
1 10 100 1000 10000 100000
Cumulative Production (MW) Last 4 data points: the Prometheus Institute
- Thinner wafers 300  145 microns
- Efficiency 16%  22+%
- Factories 100MW  1,000MW © 2010 SunPower Corp.
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19. Pre-manufactured T20 Trackers Lower BOS Cost
18 MW Olivenza T20 Tracking System
© 2010 SunPower Corp.
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20. Constant Power Plant Capacity: 6.5 MW
SunPower Conventional Thin Film / Fixed
34k m2 52k m2 72k m2
SPWR 150% m2
SPWR 210% m2 / -20% kWh
© 2010 SunPower Corp.
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21. Annual and Summer Peak Capacity Factor by
System Technology
40%
38%
36%
34%
32%
30% Annual CF
28% Summer CF
26%
24%
22%
20%
Fixed Tilt T20 Tracker T0 Tracker
- Tracker annual Capacity Factors > 30% AC
- Peak Summer Capacity Factors > 35%
- Optimize technology choice for land use and delivery preferences
Las Vegas, NV Plant Capacity Factor based on PV Grid v.11.1 © 2010 SunPower Corp.
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22. Approximate Financed Solar Power Plant Capacity
5 GW
1 GW
0.5 GW
Silicon PV Thin Film PV Trough CPV Heliostat / Tower CLFR CSP Dish Sterling
© 2010 SunPower Corp.
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23. Consistent Energy Production: Bavaria Solarpark
12,000
10,000
8,000
6,000
4,000
2,000
2005 2006 2007 2008
Expected Energy Production Actual Energy Production
Actual vs Expected Production (MWh): 106%
© 2010 SunPower Corp.
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24. SunPower Power Plants: any scale, anywhere, fast
© 2010 SunPower Corp.
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