SAN JOSE, Calif., Nov. 10, 2009 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWRA)(NASDAQ: SPWRB) today announced the completion of a 1-megawatt solar power system on the University of California, Merced campus. The university expects the system, which SunPower will finance with Wells Fargo through a sale leaseback transaction, to produce two-thirds of the campus' electricity on summer afternoons, and 20 percent of its annual electricity needs.
"The solar array project exemplifies UC Merced's founding vision to become an international model for sustainable development and environmental stewardship," said Mary Miller, vice chancellor for administration at UC Merced.
The system utilizes SunPower solar panels, the most efficient solar panels on the market, with the SunPower T20 Tracker® system. The T20 Tracker follows the sun's movement during the day, increasing sunlight capture by up to 30 percent over conventional fixed-tilt systems, while significantly reducing land use requirements.
"Colleges and universities in California are seizing the opportunity to help the state meet its growing energy demand and renewable energy goals," said Bill Kelly, managing director, at SunPower. "UC Merced understands the significant return on investment that SunPower systems deliver, and the added value of working with an experienced partner."
According to conversion formulas provided by The Climate Registry, the system is expected to remove more than 45 million pounds of carbon dioxide over the next 30 years. That is equivalent to the emissions displaced from removing more than 3,600 cars from California's roads. Under the terms of a long-term power purchase agreement, UC Merced will be entitled to the renewable energy credits and all environmental attributes associated with the system.
SunPower has more than 550 solar power systems in operation or under contract globally. Other California colleges and universities the company has built solar power systems for include California State-East Bay, Napa Valley College, Ohlone College, Mendocino College and the Los Angeles Community College District.
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.
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 "expected," "expects" and "will" to identify forward-looking statements in this press release, including forward-looking statements regarding: (a) expected energy production; (b) financing by Wells Fargo; and (c) environmental benefits. 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) actual electricity generation; (ii) actual energy consumption rate; (iii) variations in carbon dioxide emissions reductions; (iv) satisfaction of certain conditions in the Wells Fargo facility; and (v) other risks described in the company's Quarterly Report on Form 10-Q for the quarter ended September 27, 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.
First Call Analyst:
SOURCE: SunPower Corp.
CONTACT: Ingrid Ekstrom, SunPower Corp., +1-510-260-8368,
Web Site: http://www.sunpowercorp.com/