SEOUL, South Korea, Oct. 2, 2007 /PRNewswire/ -- SunPower Corporation (NASDAQ: SPWR), a manufacturer of high-efficiency solar cells, solar panels, and solar systems, today announced that it will work with Korean energy company EnE System to build a 2-megawatt solar electric power plant in Jeonju, a city in the Jeolla province of Korea. The plant, owned by Jeonju Solar Energy, is the first of its kind in Korea to be located on a landfill property.
"Locating the power plant on landfill demonstrates the environmental leadership taken by Jeonju Solar Energy and EnE System on this project," said Stanley S.K. Bae, SunPower's general manager in Korea. "The Jeonju solar power plant will help serve Korea's energy needs with a major source of clean, renewable solar power, generated on a site that may otherwise remain unused."
SunPower is installing its proprietary, single-axis solar tracking system at the 53,000-square-meter site. The SunPower Tracker tilts toward the sun as it moves across the sky, delivering up to 25 percent more energy than traditional fixed-tilt systems while reducing land-use requirements.
"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, director of EnE System.
Jeonju Solar Energy utilized a low-cost financing program sponsored by the Korea Energy Management Corporation (KEMCO) to fund a portion of the project cost. Construction on the solar power plant in Jeonju is expected to be complete in January 2008.
SunPower has been active in Korea in helping to develop the solar market. Additional completed solar power plants include the 2.2-megawatt Mungyeong SP Solar Mountain and a 1-megawatt plant in Gwangju. SunPower has a multi-year polysilicon supply agreement with Korea's DC Chemical Co., Ltd., and is investing in a joint venture with Woongjin Coway to manufacture mono- crystalline silicon ingots, with polysilicon supplied primarily from DC Chemical.
This week, SunPower is showcasing its products and service offerings as an exhibitor (in booth C-52) at Korea Energy Show 2007, located at the COEX Convention and Exhibition Center in Seoul.
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).
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts. We use words such as "will," "expect," and similar expressions to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, our plans and expectations regarding the solar system size and construction completion. Such statements are based on our current expectations as of the date of the release, which could change or not materialize as expected. Actual results may differ materially due to a variety of uncertainties and risk factors, including but not limited to construction difficulties or potential delays in the project implementation process; unanticipated delays or difficulties securing necessary permits, licenses or other governmental approvals, the risk of continuation of supply of products and components from suppliers to SunPower, including its competitors, and other risks described our Quarterly Report on Form 10-Q for the quarter ended July 1, 2007, and other filings with the Securities and Exchange Commission. You should also carefully review reports that we file with the Securities and Exchange Commission, including without limitation such Form 10-Q. Except as required by law, we assume no obligation to update any such forward-looking statements.
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: Jenny Kwon, +8217-566-2846, firstname.lastname@example.org; or Ingrid
Ekstrom, +1-510-868-1368, email@example.com, both of SunPower
Web site: http://www.sunpowercorp.com/