SAN JOSE, Calif., Jul. 13, 2009 /PRNewswire/ -- SunPower Corp.(NASDAQ: SPWRA)(NASDAQ: SPWRB), a manufacturer of high-efficiency solar cells, solar panels and solar systems, today announced that energy veteran Gian Maria Ferrero has joined SunPower as its new vice president and general manager of utilities and power plants. In this strategic role, Ferrero will lead SunPower's utility and power plant efforts in Europe, Africa and the Middle East (EMEA).
"SunPower first established the European utility scale power plant market for photovoltaics (PV) five years ago when we launched our 10 megawatt project in Bavaria," said Howard Wenger, SunPower's president, global business units. "We now have more than 200 megawatts of solar power plants operating in Europe and we are thrilled that Gian Maria, a power industry veteran, will lead our utility and power plant business. Distributed and central station PV power plants are a rapidly growing part of SunPower's business in North America and we look forward to Gian Maria's team driving comparable growth in the EMEA markets."
"Using SunPower's industry-leading, high-efficiency solar panels and trackers, SunPower can build power plants that compete with peak wholesale energy prices," added Ferrero. "Today, European utilities and independent power producers have the opportunity to build their renewable energy expertise and portfolios by expanding to solar power plants."
Most recently, Ferrero served as CEO for SAE Power Lines, where he consolidated the company's traditional transmission systems project business and diversified into the micro generation market. Prior to this, Ferrero spent 23 years with ABB Group where he held various senior positions, including head of the power systems business area as group senior vice president of ABB Holding in Zurich. In this role, he was responsible for the systems and projects business related to the power transmission and distribution segment worldwide. During his tenure with ABB, he also served as head of the power transmission and distribution systems business area unit in Italy; global business manager for AC Systems and managing director of ABB SAE in Milan; and managing director for ABB Feralin in Johannesburg, South Africa. Ferrero earned a civil engineering degree from the University of the Witwatersrand in Johannesburg, South Africa.
About SunPower
Founded in 1985, SunPower Corp. (NASDAQ: SPWRA)(NASDAQ: SPWRB) designs, manufactures and delivers the planet's most powerful solar technology broadly available today. Residential, business, government and utility customers rely on the company's experience and proven results to maximize return on investment. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australia and Asia. For more information, visit www.sunpowercorp.com.
Forward-Looking Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts and may be based on underlying assumptions. The company uses words and phrases such as "will," "to begin," and "planned" to identify forward-looking statements in this press release, including forward-looking statements regarding: (a) business with distributed and central station PV power plants rapidly growing in North America and EMEA markets; and (b)the company building power plants that compete with peak wholesale energy prices. Such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as: (i) general business and economic conditions, including seasonality of the industry; (ii) growth trends in the solar power industry; (iii) the continuation of governmental and related economic incentives promoting the use of solar power; (iv) the improved availability of third-party financing arrangements for the company's customers; (v) construction difficulties or potential delays, including permitting and transmission access and upgrades; (vi) the continued supply of products and components; (vii) the balance of supply and demand in the wholesale energy markets, and its impact on pricing; and (viii)other risks described in the company's Quarterly Report on Form 10-Q for the quarter ended March 29, 2009, 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. All other trademarks are the property of their respective owners.
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SOURCE: SunPower Corp.
Web Site: http://www.sunpowercorp.com/