BOULDER, Colo. and SAN JOSE, Calif., Oct. 25, 2017 /PRNewswire/ -- AES Distributed Energy, Inc. (AES DE), a subsidiary of The AES Corporation (AES), and SunPower Corp. (NASDAQ:SPWR) today announced that a SunPower® Oasis® Power Plant platform with an innovative solar plus storage facility is under development by AES DE on the Hawaiian island of Kaua‛i .
AES DE will construct a 28-megawatt SunPower Oasis system at the site, as well as a 20-megawatt five-hour duration energy storage system. AES DE expects the project will be the largest solar-plus-utility-scale-battery system in the state of Hawai‛i, and one of the largest solar electricity storage systems in the world. The power generated and stored at the plant will serve customers of the Kaua‛i Island Utility Cooperative (KIUC).
"As the result of a competitive bid process, SunPower Oasis Power Plant technology was selected to optimize the cost-competitive solar power generated for KIUC customers at this facility," said Woody Rubin, President of AES DE. "The combined solution of energy storage and SunPower solar technology will provide KIUC with the flexibility and reliability to meet their peak demand."
"We commend AES DE and KIUC for this forward-thinking, milestone project, and for using high performance SunPower technology to ensure long-term value," said Tom Werner, SunPower president and CEO. "Innovation and proven performance are hallmarks of SunPower technology, which powers more than three gigawatts of solar power plants around the world today."
The SunPower Oasis platform is a fully integrated power plant solution designed to streamline construction, reduce operations and maintenance costs, and maximize value for customers. The high efficiency SunPower® E-Series solar panels that will be mounted on the Oasis solar trackers at the Kaua‛i facility produce 30 percent more energy than conventional solar panels in the first year of operation.
AES DE will be the long-term owner and operator of the project, which is expected to be operational by the end of 2018.
SunPower has served the Hawai‛i solar market since 1999, with more than 100 megawatts of SunPower solar technology installed in the state to date.
About AES Distributed Energy, Inc. and The AES Corporation
The AES Corporation (NYSE: AES) is a Fortune 200 global power company providing affordable, sustainable energy to 17 countries through its diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. AES Distributed Energy is one of ten businesses that make up the AES U.S. Strategic Business Unit ("SBU") providing renewable energy solutions to a diverse customer base including utilities, corporations, and governmental entities. With a workforce of 3,600 people, the U.S. SBU is committed to operational excellence and meeting the changing power needs of the United States. To learn more, please visit www.aes.com.
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 project plans and timelines, projected energy output, anticipated product performance, cost savings, projected optimization of renewable energy platforms, and expected project scale and size relative to other systems in the marketplace. 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 reports on Forms 10-K and 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.