SAN JOSE, Calif., Aug. 7, 2018 /PRNewswire/ -- SunPower (NASDAQ:SPWR) announced today that the company supplied four megawatts of high efficiency SunPower® E-Series solar panels for a ground-mounted solar power system in Amman, Jordan. The system is generating power for Arab Jordan Investment Bank's (AJIB) headquarters, and branches in the Amman area. Designed and constructed by Wathba Energy, it was commissioned in July 2018 and is expected to generate seven gigawatt hours of electricity in the first year of operation.
"There is tremendous growth potential in Jordan's solar market, and we congratulate AJIB for its leadership in the use of this affordable, renewable power source," said Dr. Feras Batarseh, general manager of Wathba Energy. "SunPower's high performance solar panels will optimize the value of this project for AJIB, by maximizing energy production and helping AJIB achieve its financial and operational goals."
"Customers worldwide rely on SunPower solar panels for proven performance and reliability," said SunPower Executive Vice President Peter Aschenbrenner. "Backed by a strong SunPower product and power warranty, the panels installed on the ground-mounted system can generate long-term value and cost-competitive solar power for 25 years or more."
SunPower E-Series panels deliver an average 20.4 percent efficiency to maximize energy production in space constrained areas. Compared to conventional solar panels, E-Series panels produce up to 36 percent more power per panel, and 60 percent more energy per square foot over 25 years.
For more than four decades, the Arab Jordan Investment Bank (AJIB) has built a legacy of excellence and leadership as one of Jordan's leading investment and commercial banks.
As part of its long-standing commitment to excel in achieving its clients' satisfaction, AJIB ensures that it delivers superior service and best-in-class product offerings that meet all of the investment, commercial and private banking needs of our clients. AJIB continuously updates and develops its human resources, best practices and technologies to fulfill the ever-growing needs of corporate, high net-worth individuals and sophisticated clients in Jordan and the region.
About Wathba Energy
Wathba Energy is a division of Wathba Investment Company, which was established in 1996 as a supplier of electro-mechanical systems for domestic, commercial and industrial applications. It provides systems on a turnkey basis including design, supply, installation, commissioning, operation and maintenance of photovoltaic solar systems for electricity generation based on net-metering and wheeling concepts.
As one of the world's most innovative and sustainable energy companies, SunPower Corporation (NASDAQ:SPWR) provides a diverse group of customers with complete solar solutions and services. Residential customers, businesses, governments, schools and utilities around the globe rely on SunPower's more than 30 years of proven experience. From the first flip of the switch, SunPower delivers maximum value and superb performance throughout the long life of every solar system. Headquartered in Silicon Valley, SunPower has dedicated, customer-focused employees in Africa, Asia, Australia, Europe, North and South America. For more information about how SunPower is changing the way our world is powered, visit www.sunpower.com.
SunPower Forward Looking Statements:
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 project plans, relative generating capacity, projected energy output and expected cost savings. 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: regulatory changes and the availability of economic incentives promoting use of solar energy, competition and market conditions in the solar and general energy industry, and overall market dynamics. 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 Forms 10-K and 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.
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