SIERRA VISTA, Ariz. and SAN JOSE, Calif., Sept. 17, 2015 /PRNewswire/ -- Sulphur Springs Valley Electric Cooperative (SSVEC) and SunPower (Nasdaq: SPWR) announced today that SSVEC has signed a 20-year power purchase agreement (PPA) with SunPower to build a 20-megawatt (AC) solar photovoltaic (PV) power plant in Cochise County, Ariz. Expected to be operational by the end of 2016, the plant is anticipated to generate enough electricity to serve the needs of approximately 4,500 homes, based on estimates provided by the Solar Energy Industries Association.
"This SunPower solar power plant supports SSVEC's commitment to community growth and quality of life, and brings us to about 95 percent of the renewable energy goal established by the Arizona Corporation Commission that SSVEC is to meet by 2025," said SSVEC Chief Executive Officer Creden Huber. "SunPower brings a complete solution to solar power plant development and operation that is proven to maximize energy delivery over the long term, optimizing the cost-effective, emission-free solar power that SSVEC provides its customers."
"Today, power generated from solar power plants is cost-competitive with power from traditional, fossil fuel burning plants," said Jorg Heinemann, SunPower executive vice president, global power plants and EPC. "We commend SSVEC for its leadership in including solar in its energy mix, enabling their customers to take advantage of Arizona's abundant solar resource."
The project is expected to create approximately 125 jobs during construction, which is anticipated to commence in early 2016.
SunPower plans to design and build a SunPower® Oasis® Power Plant system at the site. Oasis is SunPower's fully integrated, modular solar power block solution for utility-scale solar projects that is designed to optimize land use and is engineered for rapid, cost-effective installation.
SunPower will likely offer the project for sale to 8point3 Energy Partners LP (Nasdaq: CAFD), the YieldCo joint venture formed by SunPower and First Solar, once it is operational. SSVEC has the option to purchase the facility at a later date.
About Sulphur Springs Valley Electric Cooperative
Sulphur Springs Valley Electric Cooperative is a non-profit, member-owned distribution cooperative providing electricity to more than 51,000 services over some 4,100 miles of energized line. Located in southeastern Arizona, the cooperative's service territory covers parts of Cochise, Graham, Pima and Santa Cruz Counties and includes the communities of Sierra Vista, Huachuca City, Patagonia, Elfrida, Benson, St. David, Bowie, San Simon, Willcox, Sonoita and Pearce-Sunsites. For more information, go to www.ssvec.org.
About SunPower Corp.
SunPower Corp. (NASDAQ: SPWR) designs, manufactures and delivers the highest efficiency, highest reliability solar panels and systems available today. Residential, business, government and utility customers rely on SunPower's 30 years of experience and guaranteed performance to provide maximum return on investment throughout the life of the solar system. Headquartered in San Jose, Calif., SunPower has offices in North and South America, Europe, Australia, Africa and Asia. For more information, 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 our plans and objectives for existing and future project development and construction; project development and construction. 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: (1) competition in the industry and downward pressure on average selling prices; (2) our liquidity, substantial indebtedness, and our ability to obtain additional financing for our projects and our customers; (3) our ability to meet our cost reduction targets; (4) regulatory changes and the availability of economic incentives promoting use of solar energy; (5) challenges inherent in constructing and maintaining certain of our large projects, such as the Solar Star projects; (6) the success of our ongoing research and development efforts and commercialization of new products and services; (7) fluctuations in our operating results; (8) manufacturing difficulties that could arise; and (9) challenges managing our joint ventures. 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 Form 10-K and Form 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.
SOURCE SunPower Corp.