MILAN, July 22, 2010 /PRNewswire via COMTEX News Network/ -- SunPower Corp. (Nasdaq: SPWRA, SPWRB) and Solar Ventures S.r.l., a developer of solar parks in Italy, France and the Mediterranean area, today announced that they have signed a contract to design and build three solar power plants in the Piedmont region of Italy. Totaling 11.1 megawatts over 30 hectares, the development represents one of the largest solar power developments in the region. Construction on the plants will start this month and is expected to be completed by the end of the year.
"We are delighted to partner with Solar Ventures to deliver reliable, emission-free solar power to the community and continue the rapid expansion of the Italian solar market," said Mario Riello, EMEA Sales Director for SunPower Utility and Power Plants division. "This project reinforces SunPower's impressive track record in Italy where both development partners and financing institutions praise our bankability, high performance technology, and project execution."
On fixed-tilt, ground-mounted systems, SunPower will mount standard-efficiency solar panels, including SunPower Serengeti panels, which offer the same high quality, reliable energy delivery and 25-year warranty as SunPower's high-efficiency panel offerings.
"Solar Ventures built its first photovoltaic plant in Piedmont in 2007, where we have experienced excellent community and administration support for solar park development, as well as good irradiance levels," said Michele Appendino, CEO and chairman of Solar Ventures. "We have therefore decided to focus our development efforts in this region, where we have other similar clusters of plants under construction this year. We are happy to work with SunPower, whose technology will deliver clean and renewable solar power for many years to come."
Worldwide, SunPower has more than 550 megawatts of solar power systems installed or under contract, including more than 200 megawatts of operational power plants in Europe.
About SunPower
Founded in 1985, SunPower Corp. (Nasdaq: SPWRA, 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.
About Solar Ventures S.r.l.
Solar Ventures is a leading Italy-based developer and operator of photovoltaic power plants. It was founded in 2005 to develop solar power plants in Italy, France and in the Mediterranean Region. Solar Ventures is a recognized brand in Italy and abroad with a large portfolio of photovoltaic plants in operation, construction and development, with a total pipeline in excess of 1 gigawatt in Italy, France, the South Mediterranean Area -- in particular Turkey and Jordan -- Thailand and India.
Forward-Looking Statements
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," "is expected," "continue" and "expansion" to identify forward-looking statements in this press release, including forward-looking statements regarding completing the three solar power plants with output of 11.1 megawatts in Piedmont, Italy by the end of this year, and rapid expansion of the Italian solar market. 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) unanticipated construction difficulties or potential delays in the project implementation process, including securing necessary permits, licenses or other governmental approvals; (ii) our ability to timely obtain materials and components from suppliers; (iii) unanticipated problems with deploying the systems on the sites; (iv) general business and economic conditions, including seasonality of the industry; (v) growth trends in the solar power industry; (vi) the continuation of governmental and related economic incentives promoting the use of solar power; (vii) the improved availability of third-party financing arrangements for the company's customers; and (viii) other risks described in the company's Annual Report on Form 10-K for the year ended January 3, 2010, 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.
SOURCE SunPower Corp.
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