Sunpower secures RMB 43.56 million M&S contract from repeat customer Zhejiang Petrochemical

> Sunpower to provide heat exchangers for one of China’s largest atmospheric and vacuum pressure units with an annual capacity of 10 million tons

> Sunpower kicked off partnership with repeat customer Zhengjiang Petrochemical from 2017

>Expected to have a positive impact on FY2019 and FY2020 performance


SINGAPORE – 23 May 2019 – Mainboard-listed Sunpower Group Ltd. (“中圣集团”, “Sunpower” or the “Group”) (SGX: 5GD.SI), an environmental protection solutions specialist with a leading edge in anti-pollution investment projects (“Green Investments” or “GI”) that generates long-term intrinsic value in the form of recurring income and cash flows, has signed a RMB43.56 million contract to provide high-efficiency heat exchangers with its repeat customer Zhejiang Petrochemical Co., Ltd. (浙江石油化工有限公司, “Zhejiang Petrochemical”).

Sunpower will provide high-efficiency heat exchangers for one of China’s largest domestic atmospheric and vacuum pressure units with an annual capacity of 10 million tons, which is part of Phase 2 of Zhejiang Petrochemical’s refinery and chemical integration project (the “Project”). The Project is included in China’s “13th Five-Year” National Petroleum and Chemical Plan. Sunpower kicked off its partnership with Zhengjiang Petrochemical in 2017 when it supplied heat exchangers and coolers in Phase 1 of this Project. With delivery at the end of FY2019, a positive impact on the Group’s FY2019 and FY2020 results is expected.

Mr. Guo Hongxin, Executive Chairman of Sunpower, said, “We are pleased to work with Zhejiang Petrochemical again after we started our partnership in 2017. This attests to the Group’s proven ability to supply superior high-quality equipment and solutions for large-scale installations and projects as well as the strength of our partnerships with our customers. Our M&S customers, of which 70% are repeat customers, has provided a resilient and stable business for us.”

“In addition, we remain focused on our GI business and are well-positioned to build a sizeable and valuable portfolio of GI assets as the Group’s value creator and growth driver. We are pleased to see GI revenue grow 129% YoY in 1Q2019 to account for ~35% of group revenue and ~65% of group EBITDA. The Group’s quality of earnings and cash flow have been significantly enhanced by the long-term, recurring and high-quality contributions from GI.”

About Zhejiang Petrochemical Co. Ltd.

Founded in 2015, Zhejiang Petrochemical’s principal business activities include petroleum refining and manufacturing of chemical products and petroleum products. Currently, its refinery and chemical integration project has a total planned annual capacity of 40.0 million tons which has been included in China “13th Five-Year” National Petroleum and Chemical Plan.

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About Sunpower Group Limited

Founded in 1997, Sunpower Group Ltd. (SGX: 5GD.SI) is an environmental protection solutions specialist in proprietary energy saving and clean power technologies, with a strong focus on expanding into anti-pollution investment projects (“Green Investments”) which generate intrinsic value in the form of long-term, recurring and high-quality cash flows.

With proven capabilities in technology innovation and proprietary clean energy solutions, Sunpower is shaping a green future for itself by continuously developing its business segments of Green Investments (“GI”) and Manufacturing & Services (“M&S”). Sunpower has rapidly expanded its GI business in recent years by leveraging on its existing core technologies of high-efficiency heat transfer, long distance heat insulated steam distribution, energy saving and ultra-low emission clean power generation. The GI segment is mainly focused on the investment and operation of centralised steam and electricity supply business, which is expected to bring in additional stream of recurring income to the Company.

In the M&S segment, Sunpower has delivered superior quality products and services to approximately 1,500 customers in over 30 countries across the globe to-date. Its reputable customer base includes BASF, BP, Shell, SABIC, DowDuPont, Alcoa and Mobil, China Petrochemical Corporation (SINOPEC), China National Petroleum Corporation (CNPC), China National Offshore Oil Corporation (CNOOC) and China Shenhua.

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Phone: +65 6733 8873