SAN JOSE, Calif., May. 7, 2007 /PRNewswire/ -- SunPower Corporation (NASDAQ: SPWR), a Silicon Valley-based manufacturer of high-efficiency, commercially available solar cells, solar panels, and solar systems, today announced that its PowerLight subsidiary has signed a contract with Wal-Mart Stores, Inc. (NYSE: WMT) for solar electric power systems totaling 4.6 megawatts on seven Wal-Mart facilities in California. The solar installations are part of Wal-Mart's broader initiative to reduce the company's environmental footprint, and are expected to provide an average of 25 percent of Wal-Mart's energy usage at each of the seven facilities.
Wal-Mart will purchase solar-generated electricity under the SunPower Access™ program, a novel offering that allows customers to purchase solar power under a highly flexible power purchase agreement as an alternative to an outright system purchase. At the end of Wal-Mart's multi-year power purchase agreement, the retailer will have the option to renew it, transfer the equipment to a new site, or buy the system.
"Wal-Mart is committed to finding more ways to implement and utilize renewable energy sources in our stores, clubs and distribution centers. Our solar power pilot project is a reflection of that commitment to reduce greenhouse gas emissions in Wal-Mart's operations," said Kim Saylors-Laster, vice president of energy for Wal-Mart. "The SunPower Access power purchase program provides us with an easy, flexible way to generate our own clean, renewable solar energy and immediately realize substantial savings on electricity costs."
"Leading companies like Wal-Mart are turning to solar power because it makes good business sense and supports their environmental initiatives," said Tom Werner, chief executive officer of SunPower. "Our SunPower Access program makes going solar even simpler and more cost effective for customers who prefer the option of a power purchase agreement."
SunPower has previously installed solar power systems on three other Wal- Mart facilities.
About SunPower
SunPower Corp. (NASDAQ: SPWR) designs, manufactures and markets high- performance solar electric technology worldwide. SunPower's high-efficiency solar cells and panels generate up to 50 percent more power per unit area than conventional solar technologies and have a uniquely attractive, all-black appearance. SunPower's PowerLight subsidiary is a leading global provider of large-scale solar power systems, with over 100 megawatts installed. For more information on SunPower please visit the SunPower website at http://www.sunpowercorp.com/. SunPower is a majority-owned subsidiary of Cypress Semiconductor Corp. (NYSE: CY).
Forward Looking Statement
This press release contains forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. We use words such as "will" and "expected" and similar expressions to identify forward-looking statements. These forward-looking statements are based on information available to us as of the date of this release and current expectations, forecasts and assumptions and involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward- looking statements. Such risks and uncertainties include a variety of factors, some of which are beyond our control. Risk factors are contained in documents that the company files with the SEC, including the Form 10-K for fiscal 2006. These forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we are under no obligation to, and expressly disclaim any responsibility to, update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
SunPower is a registered trademark of SunPower Corp. PowerLight is a registered trademark of PowerLight Corp. Cypress is a registered trademark of Cypress Semiconductor Corp. All other trademarks are the property of their respective owners.
SOURCE: SunPower Corporation
CONTACT: Ingrid Ekstrom, +1-510-868-1368,
ingrid.ekstrom@sunpowercorp.com
Web site: http://www.sunpowercorp.com/