SINGAPORE (Apr 29): Sunpower Group has won a RMB242 million ($48.9 million) Manufacturing and Services (M&S) contract from Shenhua Yulin Energy Chemical Co, a subsidiary of China Energy Investment Co.

Sunpower is an environmental protection solutions specialist with an edge in anti-pollution investment projects that generate long-term intrinsic value in the form of recurring income and cash flows.

As a Fortune Global 500 company and one of the world's largest power generation companies by capacity, CHN Energy is a longstanding repeat customer, having started its partnership with Sunpower since 2006.

Under the contract, Sunpower will provide a comprehensive range of services that includes the design, engineering, procurement and construction of a high salt crystalliser for the Yulin Recycling Economy Coal Comprehensive Utilisation Project, one of the world’s largest coal chemical projects.

This will be the third M&S project undertaken by the group for the Yulin Project, bringing total contract value to RMB365.5 million. This is expected to have a positive impact on the group’s performance for FY2019 and FY2020.

Guo Hongxin, Executive Chairman of Sunpower, says, “We are heartened to win another repeat contract from CHN Energy and provide solutions for the landmark Yulin Project again. Sunpower has established a solid track record in supplying high-quality equipment and solutions for large scale projects. CHN Energy’s trust in us is also mirrored by the other reputable customers we have served over the years, including BASF, BP, Shell, CNOOC, CNPC and SINOPEC, which have contributed to the stable and resilient development of our M&S business segment.”

Shares in Sunpower closed at 52 cents on Monday.