Col. Belote and Vander Leest walk through array of solar photovoltaic panels at Nellis Air Force Base in Las Vegas
Col. Dave Belote (L), commander of Nellis Air Force Base, and Eric Vander Leest, a photovoltaic system technician for SunPower Corp., walk through an array of solar photovoltaic panels at the base in Las Vegas, Nevada in this picture taken August 1, 2008. The 15 megawatt plant, consisting of 70,000 panels on 140 acres, provides 30 percent of the base's electricity needs. The U.S. military has a history of fostering change, from racial integration to the development of the Internet. Now, Pentagon officials say their green energy efforts will help America fight global warming. Picture taken August 1. Reuters

U.S. solar panel maker SunPower Corp said its board has authorized the conversion of all outstanding Class A and Class B common stock into a single class on a one-for-one basis.

The shares will have the same voting power, preferences, rights and restrictions as the Class A shares, the company said in a statement.

The proposal needs to be approved by a majority of the holders of Class A and B shares and by the majority of the holders of Class B shares separately.

Total Gas & Power USA, which owns majority of Class A and B shares of SunPower, has agreed to vote in favour of the proposal, SunPower said.

Shares of the San Jose, California-based company, which has faced criticism that its costs are too high compared with its low-cost Chinese peers, closed at $11.98 Monday on Nasdaq.

California California