SIERRA VISTA, Ariz. and SAN JOSE, Calif., Dec. 21, 2016 /PRNewswire/ -- At an event today in Cochise County, Ariz., Sulphur Springs Valley Electric Cooperative (SSVEC) and SunPower (NASDAQ:SPWR) are dedicating a 20-megawatt (AC) solar photovoltaic power plant that is now generating clean, renewable solar power for customers in SSVEC's service territory.
SSVEC will purchase the power generated by the solar plant under a 20-year power purchase agreement with SunPower. SSVEC is retaining the renewable energy credits associated with the solar plant.
"This SunPower solar power plant supports SSVEC's commitment to our community's economic vitality and a sustainable quality of life, and is expected to help us achieve over 100 percent of our 2025 renewable energy goal, as established by the Arizona Corporation Commission," 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."
The plant is anticipated to generate enough electricity to serve the needs of approximately 2,800 average Arizona homes over the next 20 years, based on estimates provided by the Solar Energy Industries Association.
"Today, power generated from solar power plants is cost-competitive with power from traditional, fossil fuel burning plants," said SunPower Senior Vice President Ty Daul. "SunPower commends SSVEC for its leadership in promoting solar power development, and utilizing innovative technology solutions to take full advantage of Arizona's abundant solar resource."
SunPower designed and built a SunPower® Oasis® Power Plant system at the site. The Oasis platform 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.
The plant includes half a megawatt of the newest generation of the SunPower Oasis platform, just launched in September. Improvements in the Oasis platform design to optimize every system component for seamless operation generate 34 percent more energy density than conventional solar technology over 25 years.
During its six-month construction phase, the project created approximately 120 jobs.
About Sulphur Springs Valley Electric Cooperative
Sulphur Springs Valley Electric Cooperative is a not-for-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.
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 projected energy output and relative generating capacity. 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: 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 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.
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SOURCE SunPower Corp.