The company has said it will open a major new office site in the state, which will become one of its top three office locations. It added that Austin facility will house operations including marketing, legal and finance functions.
It also plans to create 450 jobs through the TEF investment.
"We applaud Gov. Perry, Mayor Leffingwell and state and city officials who are aggressively working to offer SunPower economic incentives to expand our operations to Austin and create hundreds of jobs," said SunPower CEO Tom Werner. "Texas has great potential to become a significant solar market. If policies creating a stable solar market across Texas are enacted, this commitment by SunPower could be the start of significantly more investment and job creation in the state by the rapidly growing solar industry."