Mexico City – April 2, 2018 --Atlas Renewable Energy announced today that it acquired from SunPower Corp. (NASDAQ: SPWR) the Guajiro solar project in Mexico, with a planned capacity of 126.5 megawatts (MW) peak (101.4 MW), in the municipality of Nopala de Villagran, state of Hidalgo.
The project, which is expected to be commissioned in the second quarter of 2019, will generate enough energy to supply about 120,000 homes annually, according to calculations made by Atlas Renewable Energy.
It is also expected to deliver close to 300 gigawatt hours (GWh) of solar electricity per year, clean energy that will prevent the annual emission of more than 215 thousand tons of carbon dioxide, equivalent to removing more than 46,000 cars from the streets for a year, as Atlas Renewable Energy calculated using formulas provided by the U.S. Environmental Protection Agency.
Guajiro is contracted under a long-term Power Purchase Agreement (PPA) with the CFE, Mexico's state-owned electric utility. The project, initially developed by SunPower, was awarded a contract in the initial round of the country's first electricity power auction, organized by Mexico's National Center for Energy Control (CENACE), which manages the country's electric system.
After the recent acquisition of Guajiro by Atlas Renewable Energy, the financing of the project, its construction and commissioning will be led by the latter company.
The Governor of Hidalgo, Omar Fayad said that as a result of the investment attraction strategy and the support of the State Government, the solar project acquired by Atlas Renewable Energy strengthens the industrial environment of the state.
"The generation of sustainable energy in Hidalgo is a priority economic activity. Thanks to the New Energy Development Law and the State Energy Agency, Hidalgo will become a major player in the market”, stressed Fayad.
Atlas Renewable Energy CEO Carlos Barrera said that “the Guajiro project marks a major milestone for Atlas Renewable Energy and constitutes the first of many projects in Mexico, one of our core focus markets”.
“We are pleased to have worked with SunPower on this acquisition, further building on a strong relationship between both our organizations. Establishing enduring relationships in the industry is something we regard as fundamental. We will continue seeking opportunities to invest or partner in high-quality solar and wind projects in Mexico, as we extend our footprint in the country”, he added.
SunPower Chief Financial Officer Chuck Boynton, said that “Mexico’s energy sector reforms spurred significant growth of the country’s solar market, and we are optimistic that growth will continue and result in a robust clean energy economy”.
“SunPower commends Atlas Renewable Energy for its commitment to renewable energy development in Latin America. By establishing its Mexico portfolio with the Guajiro project, and making additional investments in the country, Atlas Renewable Energy is well positioned to play a key role in promoting Mexico’s economic growth and sustainable energy sector”, he continued.
The acquisition of the Guajiro project, made on March 28, is part of Atlas Renewable Energy’s growth strategy: in the last year, the company that operates exclusively in Latin America, has expanded throughout the region inaugurating a 110 MW plant in July 2017 in Chile; currently developing and constructing three photovoltaic plants in Brazil with a total capacity of 330 MW, and entering the Mexican market with the Guajiro project.
The platform’s rapid growth is backed by an experienced team with a successful track record in the industry and by its sponsor Actis, a London based company leader in emerging markets in Africa, Asia and Latin America.
Actis delivers consistent, competitive returns, responsibly, through insights gained from trusted relationships, local knowledge and deep sector expertise with 33 energy infrastructure companies in more than 25 countries, generating 18 gigawatts (GW) of energy capacity.
About Atlas Renewable Energy
Atlas Renewable Energy was established in 2017 as a renewable energy developer formed by the private investment firm Actis through the acquisition of the previous SunEdison Latin America team and asset base.
Atlas Renewable Energy is a regional Latin American solar and wind platform, with some 750MW in contracted projects in operation, construction or advanced development stages and over 1GW in early stage projects.
Atlas Renewable Energy’s growth strategy is based on developing, financing, investing in, and operating high-quality projects through its experienced team with a deep and robust track-record across the region. Atlas aims to grow an additional 1GW-2GW over the short to medium term, with a focus on Chile, Brazil and Mexico.
About SunPower
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’s 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, timelines, and projected energy output. 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, challenges inherent in constructing and maintaining certain of our large projects, competition and market conditions in the solar and general energy industry, and fluctuations or declines in the performance of our solar panels and other products and solutions. 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 report on Form 10-K, 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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