Etrion and Total Secure Financing with OPIC for 70 MWp Salvador Solar Project in Chile

SunPower to Commence Construction of World’s Largest Merchant Solar Power Plant
December 11, 2013, Paris, France and Geneva, Switzerland – Total (CAC: TOTF.PA),
Etrion Corporation (TSX: ETX / OMX: ETX) and SunPower Corp. (NASDAQ: SPWR)
announced today that financing has been secured for construction of the 70
-megawatt-peak (“MWp”) Salvador project (“Project Salvador”) in the Atacama
region of Chile. Project Salvador will be the world’s largest solar power plant
based on spot market electricity (“merchant”) revenues.

PV Salvador, the project special purpose vehicle (“SPV”), recently signed a
project finance facility agreement with the Overseas Private Investment
Corporation (“OPIC”), the U.S. government’s development finance institution, to
finance 70% of the approximately US$200 million project cost through long-term,
non-recourse project debt. The remaining 30% equity portion will be funded by
Etrion, Total and the initial project developer, Solventus, based on their
ownership interests of 70%, 20% and 10%, respectively.

Etrion has a US$42 million credit facility from its major shareholder, the
Lundin family, to fund its equity commitment. Following initial payback of
Etrion’s equity investment of US$42 million, Etrion’s ownership in Project
Salvador will decrease from 70% to 50.01%. After 20 years of operations,
Etrion’s ownership will decrease to zero.

Marco A. Northland, Etrion’s chief executive officer, commented: “We are excited
to partner with Total, SunPower and Solventus on this landmark solar project
that takes our business model beyond government subsidies. This is Etrion’s
first project to be financed and under construction in the Americas, and we look
forward to working with the same partners on future projects. Project Salvador
almost doubles our installed capacity and is expected to grow our cash flow by
approximately 50%, transforming Etrion into a global solar power generation
platform.”

“We are pleased that OPIC has agreed to finance the plant and that we have
launched construction of the Salvador project, which will benefit from our
affiliate SunPower’s record-breaking photovoltaic technology,” said Bernard
Clement, senior vice president business operations, Total New Energies. “As the
largest solar merchant power plant in the world, this project will deliver
advanced solar generation, operation technologies and management practices while
creating a significant positive impact on local businesses and people.”

Total’s affiliate SunPower designed the project to use SunPower Oasis™ Power
Block technology. SunPower received notice to proceed with construction this
week, and it is expected to start construction of Project Salvador in January,
with full commissioning achieved in early 2015. The majority of the installation
is expected to begin commercial operation during 2014. Upon completion, Project
Salvador will enter into a long-term, fixed-price operation and maintenance
agreement with SunPower.

“This project represents an important milestone for the energy industry, proving
that solar can provide wholesale power at prices competitive with conventional
generation technologies,” said Howard Wenger, president, regions of SunPower.
“With our partners Etrion, Total and Solventus, we are leading the market in the
region with the start of construction of this project that will deliver
reliable, cost-effective solar power to Chile’s utility grid.”

Project Salvador will initially operate on a merchant basis where the
electricity produced will be sold on the spot market and delivered to the
Sistema Interconectado Central (“SIC”) electricity network, with the ability to
secure future power purchase agreements (“PPAs”). The solar power plant will be
built on 133 hectares leased from the Chilean government through a long-term
concession. The facility will connect through the power infrastructure of
Corporación Nacional del Cobre de Chile (“Codelco”).

Once operational, Project Salvador is expected to produce approximately 200
gigawatt-hours of solar electricity per year, enough to supply electricity to
approximately 80,000 households in Chile.

Chile has an investment grade rating and offers attractive investment
opportunities for leading financial institutions to provide non-recourse project
finance. Project Salvador will be financed by OPIC with a US dollar-denominated,
non-recourse project loan that fully amortizes over the 19.5-year tenor.  First
drawdown of the project loan is expected by the end of December 2013.

About Etrion

Etrion Corporation is an independent power producer (“IPP”) that builds, owns
and operates utility-scale solar power generation plants. Etrion owns 17 solar
power plants in Italy with approximately 60 MW of installed capacity. The
Italian operations generate more than US$40 million of annual earnings before
interest, taxes, depreciation and amortization (“EBITDA”). Etrion is also
developing greenfield solar power projects in Chile. Etrion is listed on the
Toronto Stock Exchange in Canada and the NASDAQ OMX Stockholm exchange in Sweden
under the ticker symbol “ETX”. Etrion’s largest shareholder is the Lundin
family, which owns approximately 25% of the company’s shares directly and
through various trusts. For additional information, please visit www.etrion.com

About Total

Total is one of the largest integrated oil and gas companies in the world, with
activities in more than 130 countries. The Group is also a first rank player in
chemicals. Its 97,000 employees put their expertise to work in every part of the
industry – exploration and production of oil and natural gas, refining and
marketing, new energies, trading and chemicals. Total is working to help satisfy
the global demand for energy, both today and tomorrow.

Total is striving to diversify its supply to help meet growing energy demand in
the long-term. The Group holds a 66% stake in SunPower, a world leader in solar
energy. Additionally, Total is actively engaged in a number of renewable
research and development projects, such as solar and biomass. More information
is available at www.total.com

About SunPower

SunPower Corp. (NASDAQ: SPWR) designs, manufactures and delivers the highest
efficiency, highest reliability solar panels and systems available today.
Residential, business, government and utility customers rely on the company’s
quarter century of experience and guaranteed performance to provide maximum
return on investment throughout the life of the solar system. Headquartered in
San Jose, Calif., SunPower has offices in North America, Europe, Australia,
Africa and Asia. For more information, visit www.sunpower.com

Contacts:

Etrion

Pamela Chouamier – Investor Relations, Etrion

pchouamier@etrion.com or +41 (22) 715 20 90

Total

Quentin Vivant – Press Officer, Total

quentin.vivant@total.com or +33 1 41.35.37.44

SunPower

Ingrid Ekstrom – Corporate Communications, SunPower

iekstrom@sunpower.com or +1 (510) 260-8368

Note: The capacity of power plants in this release is described in approximate
megawatts on a direct current (“DC”) basis, also referred to as megawatt-peak
(“MWp”).

Etrion’s Forward-Looking Information:

This press release contains certain “forward-looking information” within the
meaning of applicable Canadian securities laws. All statements, other than
statements of historical fact, that address activities, events or developments
that the Company believes, expects or anticipates will or may occur in the
future (including, without limitation, statements relating to the expected
project cost for Project Salvador, the expected construction and commissioning
schedule for Project Salvador, the possibility of securing future PPAs for
Project Salvador, the anticipated electricity production from Project Salvador
and the expected impact of Project Salvador on the Company’s cash flow)
constitute forward-looking information. This forward-looking information
reflects the current expectations or beliefs of the Company based on information
currently available to the Company as well as certain assumptions including,
without limitation, the assumption that Project Salvador will proceed on
schedule and produce the anticipated amount of power when constructed, the
assumption that the spot market electricity prices realized from Project
Salvador will not be materially lower than current prices and assumptions with
respect to the operating costs for Project Salvador. Reliance should not be
placed on forward-looking information. Forward-looking information is subject to
a number of significant risks and uncertainties and other factors that may cause
the actual results of the Company to differ materially from those discussed in
the forward-looking information, and even if such actual results are realized or
substantially realized, there can be no assurance that they will have the
expected consequences to, or effects on the Company. Factors that could cause
actual results or events to differ materially from current expectations include,
but are not limited to, uncertainties with respect to the receipt or timing of
all applicable permits for the development of Project Salvador, the possibility
of delays in construction, the possibility that Project Salvador will not
produce power at the anticipated levels, the possibility that the spot market
electricity prices realized from Project Salvador will be materially lower than
current prices and the possibility that operating costs for Project Salvador
will be higher than expected.

Any forward-looking information speaks only as of the date on which it is made
and, except as may be required by applicable securities laws, the Company
disclaims any intent or obligation to update any forward-looking information,
whether as a result of new information, future events or results or otherwise.
Although the Company believes that the assumptions inherent in the forward
-looking information are reasonable, forward-looking information is not a
guarantee of future performance and accordingly undue reliance should not be put
on such information due to the inherent uncertainty therein.

SunPower’s Forward-Looking Information:

This press release contains “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995, including, but not limited
to, statements regarding our plans and objectives for existing and future
project development and construction, including plans and objectives relating to
Project Salvador. These forward-looking statements are based on our current
assumptions, expectations and beliefs and involve substantial risks and
uncertainties that may cause results, performance or achievement to materially
differ from those expressed or implied by these forward-looking statements.
Factors that could cause or contribute to such differences include, but are not
limited to: (1) competition in the industry and downward pressure on average
selling prices; (2) our liquidity, substantial indebtedness, and our ability to
obtain additional financing for our projects and our customers; (3) our ability
to meet our cost reduction targets; (4) regulatory changes and the availability
of economic incentives promoting use of solar energy; (5) challenges inherent in
constructing and maintaining certain of our large projects; and (6)
manufacturing difficulties that could arise; and (7) challenges managing our
joint ventures. A detailed discussion of these factors and other risks that
affect our business is included in filings we make with the Securities and
Exchange Commission (SEC) from time to time, including our most recent reports
on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.”
Copies of these filings are available online from the SEC or on the SEC Filings
section of our Investor Relations website at investors.sunpowercorp.com. All
forward-looking statements in this press release are based on information
currently available to us, and we assume no obligation to update these forward
-looking statements in light of new information or future events.