Sunpower (SPWRQ) 8-K Results of Operations and Financial Condition

Exhibit 99.3

Third Quarter 2010 Earnings Supplementary Slides
November 11, 2010

Safe Harbor Statement

2

Strong Business Performance

§Beat Q3 forecast in both segments

§Met cost reduction plan in fab and field

§Demand greater than supply - record backlog

§Strong Q3 Execution

–Record cell outs, OEE, average efficiency and yields in Fabs 1 and 2

–22+% Gen 2 cells on first production run in Fab 3

–Installed more than 70 MW*of power plants

–Closed sale of Montalto 28 MW ac solar park

3

* Power plant capacity in MW ac

Q4 Confidence / 2011 Visibility

§High confidence in Q4 execution

–R&C: Fully booked

–UPP: On plan to monetize Italian solar parks

§Strong growth and high visibility for 2011

–Volume and price established for Commercial business and UPP

–~70% booked in Commercial for 2011

–95% booked in North American UPP for 2011

–On plan for $1.08/W Q4 11 efficiency adjusted panel cost v. 14% panels

4

Vertical Integration Strategy

Poly

Ingot

Wafer

Cell

Panel

Upstream

§World’s highest efficiency panels

§Sustainable differentiated advantage

§Drive for scale and cost reduction

Install

Services

Downstream

§Adjust rapidly to market conditions

§Integrated cost reduction

§Premium brand / superior service

BOS

5

SPWR Downstream Strategy

§World’s highest efficiency panels

§Sustainable differentiated advantage

§Drive for scale and cost reduction

§Multi-year fixed price contracts

§NA, EMEA, emerging markets

§Integrated cost reduction

§NAC: Multi-Qtr fixed price contracts

§RLC: global dealer/partner network

§Integrated cost reduction

EPC

Services

UPP Segment

BOS

Sales/

Install

Services

R&C Segment

BOS

Poly

Ingot

Wafer

Cell

Panel

Upstream

6

Diversified Channel / Portfolio

§R&C Market Position

−Global footprint, #1 in US

−Residential:8 countries

−Commercial: Direct sales force

−#1 in NA, expanding to EU

−T5 driving wins: 3.5 MW Macy’s

§UPP Market Position

−Global reach / direct sales force

−5 GW pipeline (~1/3 in EMEA)

−Customers buy energy (¢/kWh)

−High energy density = low LCOE

7

Italy Project Overview

2009 Q1 ’10 Q2 ’10 Q3 ’10 Q4 ’10 Q1 ’11

Montalto 20

Montalto 8

Montalto 44

Solare Roma 13

Permitting

Construction

Financing

Sale

* MW’s in chart are listed in ac

8

Note: Illustrative 100 GWh / year power plant, Phoenix, AZ

SunPower LCOE Advantages

	SunPower	11% TF Fixed
GWh/yr	100	100
MW	37	46
Acres	191	351
Inverters	74	92

SunPower delivers
the same GWh using
far fewer acres and
less BOS leading to
lower O&M costs

SunPower

Thin Film

9

SunPower LCOE Advantages

	SunPower	11% TF Fixed
GWh/yr	100	100
Total $	$200 MM	$200 MM
$/Wp DC	$4.37	$3.50

SunPower delivers
the same LCOE with
a 25% $/Wp price
premium

SunPower

Thin Film

Economically equivalent to customer

10

Note: Illustrative 100 GWh / year power plant, Phoenix, AZ

Efficiency Adjusted Cost/Watt*

	Q4’09	Q4’10	Q4’11
SunPower 19% Panel Cost / Watt**	$1.91	$1.71	$1.48
Efficiency Adjusted (vs. 14%)	$1.47	$1.36	$1.08
Efficiency Adjusted (vs. 11%)	$1.01	$0.92	$0.71

11

*Efficiency adjustments consider the BOS/tracking benefits of high efficiency panels.

**Base Cost/Watt excludes freight and pre-op expenses.

Comparison: 14% panel on T20 tracking system, 11% panel on fixed tilt.

§Cost reduction drivers

−Fab 3 JV with AUO

−Leveraging R+D investments

−Improved manufacturing efficiency

−Increased ramp, yield and OEE

($ Millions except per share data)	Quarter Ending 10/3/10	Quarter Ending 9/27/09	Quarter Ending 7/4/10
Non-GAAP Revenues	$553.8	$465.4	$392.1
R+C	$292.8	$270.2	$264.2
UPP	$261.0	$195.1	$127.9
Gross Margin % (Non-GAAP)	22.3%	23.1%	26.3%
R+C	24.3%	19.6%	26.5%
UPP	20.0%	27.9%	26.1%
Tax Rate (non-GAAP)	15.4%	25.3%	20.3%
Net Income (Loss) (GAAP)	$20.1	$19.5	($6.2)
Net Income (Loss) (Non- GAAP)	$26.3	$47.0	$14.4
Diluted Wtg. Avg. Shares Out.	105.6**	105.0**	96.8*
EPS(GAAP)	$0.21	$0.21	($0.07)
EPS(Non-GAAP)	$0.26	$0.46	$0.15

Note: Non-GAAP figures are reconciled to comparable GAAP figures in appendix on company website

*notconverted method**if converted method

Current and historical figures reflect Q2’10 change to new business unit segmentation

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Balance Sheet and Financial Outlook

§Liquidity

–Ended Q310 with $438 million in cash and investments

–Repaid $177 million in convertible debt and bank loans

–$145 million of additional liquidity available

–Shares in Woongjin Energy ~$360 million market value

§Capital Expenditures of $4.3 million in Q3; 2010 plan of $125-$150 million

§Q3 Free Cash Flow* of $78 million

§Q4 FX exposure fully hedged at $1.37 to 1 Euro

§Q3 production of 152 MW; 2010 on track to exceed 550 MW

*Free Cash Flow is net cash provided by (used in) operating activities less net cash provided by (used in) investing activities.

13

Italian Projects Update

§On track to assemble, finance and monetize Italian projects in Q4

–Expect to complete and sell more than 80 MW in 2010

§Montalto 44 MW

–Currently marketing €200 million in debt financing

–Industry’s first solar bond

–Provisional investment grade rating on both tranches of debt

–Debt transfers to new owner on sale

–Equity sale in negotiation for Q4 close

–On schedule for connection to grid in mid-December 2010

§Solare Roma - 13 MW

–On schedule to connect and monetize project in December 2010

14

2010 Guidance

	Q4	FY 2010
Revenue $MM	$870-$970	$2,150-2,250
Gross Margin (Non-GAAP)	20-22%	22-23%
EPS $/Share (Non-GAAP)	$0.95-$1.15	$1.45-$1.65
EPS $/Share (GAAP)	$0.45-$0.60	$0.75-$0.90

15

Third Quarter 2010 Earnings Supplementary Slides
November 11, 2010

GAAP to Non-GAAP Reconciliation

17

18

Earnings Per Share Calculation

19

Three Months Ended October 3, 2010

GAAP

Non-GAAP

(in thousands)

If Converted Method

Not Converted
Method

If Converted Method

Not Converted
Method

Net income

$20,116

$20,116

$26,283

$26,283

Net income allocated to unvested restricted stock awards

(24)

(24)

(31)

(31)

Net income allocated to class A and class B common stock

20,092

20,092

26,252

26,252

Basic weighted-average shares

95,840

95,840

95,840

95,840

Net income per share - basic

$0.21

$0.21

$0.27

$0.27

Net income

$20,116

$20,116

$26,283

$26,283

(A)

Interest expense on 4.75% debentures, net of tax

1,666

-

1,666

-

Net income allocated to unvested restricted stock awards

(23)

(24)

(30)

(31)

Net income allocated to class A and class B common stock

21,759

20,092

27,919

26,252

Diluted weighted-average shares before consideration of 4.5% debentures

96,936

96,936

96,936

96,936

Shares issued if 100% of 4.5% Debentures are converted to equity

8,712

-

8,712

-

Diluted weighted-average shares

105,648

96,936

105,648

96,936

Net income per share - diluted

$0.21

$0.21

$0.26

$0.27

(A)

Under the "If Converted Method" we calculated diluted earnings per share using the more dilutive of the following two methods:

Method One:

Numerator = Income Available to Common Shareholders + Interest on 4.5% Debentures, Net of Tax

Denominator = Stock Outstanding + Common Shares Issued if 100% Coversion of 4.5% Debentures

Method Two:

Numerator = Income Available to Common Shareholders

Denominator = Stock Outstanding