SAN JOSE, Calif., April 21, 2021 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR), a leading solar technology and energy services provider, announced new projects with Baltimore County to cover two closed landfills with solar systems. These projects are expected to generate upwards of 30 megawatts (MW) of clean energy, equivalent to the power used by one third of the County's municipal buildings including government facilities.
"Electricity savings from solar can help municipalities invest more money into our schools, parks and community centers. We applaud Baltimore County for transforming otherwise under-utilized land into productive solar parks, enabling them to achieve their ambitious sustainability goals while significantly improving the County's budget," said Eric Potts, Executive Vice President for Commercial Direct at SunPower.
The projects, located at the closed Hernwood and Parkton landfills, are the first large-scale solar energy projects in Baltimore County's history and mark another new milestone for the County to address climate change. Under power purchase agreements (PPAs), the County pays $0 upfront while SunPower and its financiers cover the cost of the arrays. Over the next 25 years, the County will pay a flat, fixed rate per kilowatt-hour (kWh) for the solar generation, expected to save millions of dollars in electricity costs. Through Maryland's "aggregate net metering" rule, Baltimore Gas & Electric will credit the solar generated at the landfills against electric loads at other County buildings.
"We're proud to be taking a bold step forward to ensure Baltimore County remains a statewide leader in renewable energy and helps build a greener and cleaner future for our communities," Baltimore County Executive Johnny Olszewski said. "Climate change poses one of the most significant threats to our long-term health and prosperity. That is why we are thankful for this partnership with SunPower to transform these sites into productive alternative energy sources, further reducing Baltimore County's carbon footprint and helping us meet our renewable energy goals."
Along with other sustainability initiatives, the solar project in Baltimore County is expected to help the County reach its sustainability goals. Today, County Executive Olszewski signed an Executive Order setting an aggressive new goal to complete future renewable energy projects set to generate electricity equivalent to 100 percent of Baltimore County's electricity demand by 2026 and 125 percent by 2030.
The projects will now enter the design and permitting phase, with construction expected to begin in 2022 and to be fully operational by 2023. According to the Environmental Protection Agency (EPA) greenhouse gas calculator, the 43 million kWh generated annually by the projects will capture the same amount of planet-warming carbon dioxide as 40,000 acres of US forests – nearly the same size as Washington, DC.
For more information on SunPower's commitment to advance clean energy, visit www.sunpower.com.
Headquartered in California's Silicon Valley, SunPower (NASDAQ:SPWR) is a leading Distributed Generation Storage and Energy Services provider in North America. SunPower offers the only solar + storage solution designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners, businesses, governments, schools and utilities. For more information, visit www.sunpower.com.
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, relative generating capacity, and cost savings. These forward-looking statements are based on our current assumptions, expectations, and beliefs and involve substantial risks and uncertainties that may cause results 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 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.
SOURCE SunPower Corp.