SAN JOSE, Calif., Dec. 12, 2011 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR) announced today that it will supply NRG Solar, a subsidiary of NRG Energy, Inc. (NYSE: NRG), with a total of 54 megawatts (dc) of SunPower solar power technology.
Under a supply agreement, SunPower will deliver 24 megawatts (dc) of high efficiency solar panels to NRG by year-end 2011. The balance of megawatts, as well as a portion of the 2011 panels, will support NRG's 26-megawatt (ac) Borrego Solar Project in San Diego County, Calif., for which SunPower is supplying its SunPower® Oasis™ Power Plant technology. The Borrego project has a 25-year power purchase agreement with SDG&E that has been approved by the California Public Utilities Commission.
"We are pleased to partner again with NRG and provide them with 54 megawatts of reliable SunPower solar technology that will maximize the power generated at the Borrego Solar Project and their other development projects," said Howard Wenger, SunPower president, regions. "With more than 500 megawatts of SunPower power plants generating emission-free, affordable solar power around the globe today, our technology delivers guaranteed long-term performance."
SunPower and NRG recently celebrated the start of construction of the 250-megawatt California Valley Solar Ranch (CVSR) project in San Luis Obispo County, Calif. First announced more than three years ago by SunPower, and acquired by NRG on September 30, 2011, CVSR is one of the largest central station photovoltaic solar plants in the world. It is expected to create approximately 350 jobs over its two-year construction period and to inject $315 million into the local economy.
The SunPower Oasis Power Plant product is a fully integrated, modular solar power block that is engineered to rapidly and cost-effectively deploy utility-scale solar projects while optimizing land use. Each power block integrates the SunPower® T0 Tracker with high efficiency SunPower solar panels, pre-manufactured system cabling and other advanced features.
Founded in 1985, SunPower Corp. (NASDAQ: SPWR) designs, manufactures and delivers the planet's most powerful solar technology broadly available today. Residential, business, government and utility customers rely on the company's experience and proven results to maximize return on investment. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australia and Asia. For more information, visit www.sunpowercorp.com.
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 "to supply," "will", "excepted to" and similar expressions to identify forward-looking statements in this release, including forward-looking statements regarding: (a) supply of 54 MW of solar technology to NRG Solar, including 24 MW by the end of 2011; and (b) SunPower's expected construction of the California Valley Solar Ranch (CVSR) project, and potential job growth and economic infusion into the local economy. Such forward-looking statements are based on information available to the company as of the date of this report 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) expected completion of CVSR, the company's success in completing the design, construction and maintenance of CVSR; (v) timeline for revenue recognition and the impact on the company's operating results; (vi) the impact of regulatory changes and the continuation of governmental and related economic incentives promoting the use of solar power; and (vii) other risks described in the company's Annual Report on Form 10-K for the year ended January 2, 2011 and Quarterly Report on Form 10-Q for the quarter ended October 2, 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.