"This investment is higher tech, bigger, $320 million, and we expect $400 million in exports as well as thousands of employees, not to mention the fact that aside from the exports these solar panels will be used by many of the firms who are helping our barangay electrification bring solar power to those remote towns and villages where it is too expensive to have transmission lines in the ordinary course of providing power," she said.
Mrs. Arroyo said Sunpower’s investment was one of the fruits of her two official visits to the US, when she convinced American businessmen and investors to look at prospects in the Philippines.
"Sunpower’s first investment here during the time of President Ramos was micro-chips as many other investments are," she said.
"But this one is different. It deepens the structure of our electronics industry and strengthens our energy and power sector industry."
Mrs. Arroyo said in 1996, Sunpower put up a semi-conductor factory at the Cavite Export Processing Zone, which now employs 1,500 workers.
"This investment is a catalyst," she said. "It is a strategic step in bringing our country as well into the 21st century."
Mrs. Arroyo thanked C.J. Rogers, chairman of the board of Sunpower, and US chargé d’affaires Joseph Mussomeli, who attended the inauguration.
" I thank you so much our friends from the US, our friends from Sunpower, thank you for your continuing faith in my hopefully continuing administration."
Accompanying Mrs. Arroyo were Speaker Jose de Venecia Jr., Energy Secretary Vincent Perez, and Trade and Industry Secretary Cesar Purisima. — Marichu Villanueva