THOUSAND OAKS, Calif., May. 14, 2008 /PRNewswire/ -- SunPower Corporation (NASDAQ: SPWR), a Silicon Valley-based manufacturer of high-efficiency solar cells, solar panels and solar systems, and MMA Renewable Ventures, owner and operator of renewable energy facilities, today dedicated a 584-kilowatt solar electric power system at the City of Thousand Oaks' Hill Canyon Water Treatment Plant.
In addition to the solar power system, the Hill Canyon Water Treatment Plant installed a cogeneration system and numerous energy efficiency upgrades. As a result of these measures, the City of Thousand Oaks expects to save $100,000 in utility costs each year and estimates a reduction in carbon dioxide emissions of more than 10,000 tons over the next 30 years, which is equivalent to planting 2,820 acres of trees or not driving 25 million miles on our roads.
"The City of Thousand Oaks City Council is committed to improving the quality of life for our community," said Thousand Oaks Mayor Jacqui Irwin. "Working with MMA Renewable Ventures and SunPower, we are able to maximize energy cost reductions and lower the overall amount of energy we use from conventional sources. With no initial out-of-pocket investment, the two companies have made solar power affordable today."
MMA Renewable Ventures will finance, own and operate the solar power system at the Hill Canyon Water Treatment Plant under the SunPower Access™ program, which allows SunPower customers to purchase solar-generated electricity from a SunPower financing partner as an alternative to outright purchase of the solar power systems. The City of Thousand Oaks will pay MMA Renewable Ventures for the solar electricity generated over the next 20 years. The electricity is competitively priced against retail rates, providing a long-term hedge against rising peak power prices. At the end of the term, the City will have the option to renew the agreement, transfer the equipment to a new site, or purchase the system outright.
"The City of Thousand Oaks selected an innovative financing structure to effectively meet its financial goals and environmental objectives," said Matt Cheney, chief executive officer of MMA Renewable Ventures. "With its forward-thinking approach and commitment to clean energy, the City is demonstrating that solar power is an affordable option for public agencies concerned with reducing carbon emissions."
"The Hill Canyon Water Treatment plant is making innovative use of a previously unused asset -- an existing concrete-lined overflow basin -- to site its solar system and generate clean, renewable on-site electricity," said Kevin Ross, SunPower project development manager. "They also chose to maximize energy production by utilizing high-efficiency SunPower solar panels and the proprietary SunPower® Tracker solar tracking system. The Tracker follows the sun as it moves across the sky, delivering up to 25 percent more energy than fixed-tilt systems. SunPower solar panels are up to 50 percent more efficient than competing, conventional solar panels."
About MMA Renewable Ventures
A wholly-owned subsidiary of Municipal Mortgage & Equity, LLC ("MuniMae"), (Pink Sheets: MMAB), MMA Renewable Ventures finances, owns and operates renewable energy and energy efficiency assets in the United States. The Company provides leases, Power Purchase Agreements (PPAs) and other customized financial solutions to help its customers manage energy costs. MMA Renewable Ventures is dedicated to delivering competitively priced, clean energy and energy savings to customers, strong partnership options for project developers, and exceptional opportunities for institutional investment in the clean energy sector. For more information about MMA Renewable Ventures, visit http://www.mmarenewableventures.com/.
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 http://www.sunpowercorp.com/. SunPower is a majority-owned subsidiary of Cypress Semiconductor Corp. (NYSE: CY).
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," "expects," "estimates," 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 (a) saving $100,000 annually in utility costs; and (b) reducing carbon dioxide emissions by more than 10,000 tons over the next 30 years, which is the equivalent to planting 2,820 acres of trees or not driving 25 million miles. 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 (i) the actual energy consumption rate; (ii) unexpected changes in utility service rates; (iii) variations in carbon dioxide emissions reductions; and (iv) 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.
First Call Analyst:
SOURCE: SunPower Corporation
CONTACT: Rosalind Jackson of Antenna Group, +1-415-977-1923,
firstname.lastname@example.org, for SunPower; or Ingrid Ekstrom of SunPower,