SEOUL, South Korea, May. 20, 2008 /PRNewswire/ -- SunPower Corporation (NASDAQ: SPWR), a manufacturer of high-efficiency solar cells, solar panels, and solar systems, today announced that it has completed design and construction of a new 1.4-megawatt solar electric power plant project in Hampyeong, South Korea.
SunPower worked with Korean energy company EnE System to complete the plant, which is owned by Hampyeong Solar Plus, and will generate 1.8 million kilowatt-hours per year.
"By utilizing the highest efficiency SunPower solar technology, Hampyeong Solar Plus is maximizing both their financial returns and the environmental benefits of this solar power plant," said Stanley S.K. Bae, SunPower's general manager in Korea. "Along with EnE System, they are demonstrating leadership by addressing Korea's tremendous energy needs with clean, renewable solar power."
At the power plant site, SunPower installed SunPower panels, which are up to 50 percent more efficient than conventional panels, as well SunPower® Tracker solar tracking systems. The Tracker tilts toward the sun as it moves across the sky, significantly increasing daily energy production compared with fixed-tilt systems.
"We selected SunPower based on the company's experience with utility-scale power plant projects as well as the efficiency and proven reliability of SunPower's technology," said Sang Kug, Moon, managing director of EnE System.
SunPower is doing business in Korea in several areas. The company has a multi-year polysilicon supply agreement with Korea's DC Chemical Co., Ltd., and has invested in a joint venture with Woongjin Holding Co. Ltd. to manufacture mono-crystalline silicon ingots, with polysilicon supplied primarily from DC Chemical. SunPower also recently commissioned three additional solar power plants, including a 2-megawatt installation in Jeonju, the 2.2-megawatt Mungyeong SP Solar Mountain plant, and a 1-megawatt plant in Gwangju.
This month, SunPower is showcasing its products and service offerings as an exhibitor (in booth B-096) at Green Energy Expo, 21-23 May, in Daegu, Korea. On May 22 at the Expo, the company is hosting a seminar entitled "SunPower Technology Solutions," featuring the SunPower Tracker as well as the SunPower T10 Solar Roof Tile for commercial rooftops. For more information on the seminar, contact Jenny Kwon at jkwon@sunpowercorp.com.
About SunPower
SunPower Corporation (NASDAQ: SPWR) designs, manufactures and delivers high-performance solar electric systems worldwide for residential, commercial and utility-scale power plant customers. SunPower high-efficiency solar cells and solar panels generate up to 50 percent more power than conventional solar technologies and have a uniquely attractive, all-black appearance. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe and Asia. For more information, visit www.sunpowercorp.com. SunPower is a majority-owned subsidiary of Cypress Semiconductor Corp. (NYSE: CY).
Forward-Looking Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements that do not represent historical facts. The company uses words and phrases such as "will," and similar expressions to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, the company's plans and expectations regarding the plant generating 1.8 million kilowatt-hours per year. These forward-looking statements are based on information available to the company as of the date of this release and management's current expectations, forecasts and assumptions, and involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. Such risks and uncertainties include a variety of factors, some of which are beyond the company's control. In particular, risks and uncertainties that could cause actual results to differ include actual electricity generation, and other risks described in the company's Quarterly Report on Form 10-Q for the quarter ended March 30, 2008, and other filings with the Securities and Exchange Commission. These forward- looking statements should not be relied upon as representing the company's views as of any subsequent date, and the company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward- looking statements, whether as a result of new information, future events or otherwise.
SunPower is a registered trademark of SunPower Corp. Cypress is a registered trademark of Cypress Semiconductor Corp. All other trademarks are the property of their respective owners.
SOURCE: SunPower Corporation
CONTACT: Jenny Kwon, +8217-566-2846, jenny.kwon@sunpowercorp.com, or
Ingrid Ekstrom, +1-510-260-8368, iekstrom@sunpowercorp.com, both of SunPower
Corporation
Web site: http://www.sunpowercorp.com/