SunPower Announces Settlement Agreement with North County Watch and Carrizo Commons Regarding California Valley Solar Ranch
SAN LUIS OBISPO, Calif., Nov. 2, 2011 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWRA, SPWRB) announced today an agreement with North County Watch and Carrizo Commons to settle and dismiss a lawsuit against the 250-megawatt California Valley Solar Ranch (CVSR) project, currently under construction in San Luis Obispo County, Calif.
Under the settlement agreement, SunPower has agreed that the use of the site for the CVSR project will not extend further than 50 years and that the decommissioning and restoration of habitat at the site will occur by that time. In addition, the agreement provides for enhanced communication and collaboration regarding mitigation and monitoring activities during the construction of the project, funding of research on endangered species, and support for the development of a long-term vision for the Carrizo Plain.
The settlement agreement builds on and strengthens prior commitments by SunPower for the preservation of more than 9,000 acres of land in and around the Carrizo Plain.
About California Valley Solar Ranch
California Valley Solar Ranch is owned by NRG Solar, a subsidiary of NRG Energy, Inc. (NYSE: NRG). SunPower developed the power plant, and will complete the project's design and construction, working with Bechtel, which is providing balance of plant engineering and procurement services and construction services. When complete, the project will be one of the largest photovoltaic (PV) solar power plants in the world. CVSR is expected to create 350 jobs during construction and will power approximately 100,000 homes when fully operational. Clean, renewable power from CVSR will be sold to PG&E through 25-year power purchase agreements that have been approved by the California Public Utilities Commission. For more information about CVSR, please see www.californiavalleysolarranch.com.
About North County Watch
Established in 2001, North County Watch is a 501 (c)(3) California non-profit corporation committed to balanced and responsible development in and around San Luis Obispo County. Its purpose is to promote economic and environmental policies that maintain and enhance the uniqueness of our community.
About Carrizo Commons
Carrizo Commons is an association of community groups, environmental and resource entities, schools, businesses, and individuals who share an interest and commitment in protecting, conserving, and supporting responsible stewardship of the Carrizo Plain. For more information, please see www.carrizocommons.org.
SunPower Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts and may be based on underlying assumptions. The company uses words and phrases such as "expected," "will," and similar expressions to identify forward-looking statements in this release, including forward-looking statements regarding: (a) SunPower's expected completion of project design and construction for CVSR; and (b) CVSR power to be sold to PG&E through a 25-year power purchase agreement. Such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as: (i) the company's ability to obtain and maintain an adequate supply of raw materials, components, and solar panels; (ii) general business and economic conditions, including seasonality of the solar industry and growth trends in the solar industry; (iii) construction difficulties or potential delays, including obtaining land use rights, permits, license, other governmental approvals, and transmission access and upgrades, and any litigation relating thereto; (iv) the availability of financing arrangements and the company's ability to obtain additional financing; (v) increasing competition in the industry and lower average selling prices, and impact on gross margin; (vi) timeline for revenue recognition and the impact on the company's operating results; (vii) the company's success in completing the design and construction of CVSR; and (viii) other risks described in the company's Annual Report on Form 10-K for the year ended January 2, 2011, Quarterly Report on Form 10-Q for the quarter ended July 3, 2011 and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the company's views as of any subsequent date, and the company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
SunPower is a registered trademark of SunPower Corp. All other trademarks are the property of their respective owners.
SOURCE SunPower Corp.