SAN JOSE, Calif., May 26, 2010 /PRNewswire via COMTEX News Network/ -- SunPower Corp. (Nasdaq: SPWRA, SPWRB) today announced the completion of the Shelby Solar Project, a 1-megawatt solar power plant in Shelby, N.C. that is owned and operated by Duke Energy Generation Services (DEGS), a Duke Energy commercial business unit.
Construction on the 10-acre plant began in March, and it is now producing clean, renewable solar power for North Carolina Municipal Power Agency Number 1 (NCMPA1), which serves Shelby. DEGS estimates that the plant will generate enough electricity to power approximately 140 homes annually.
NCMPA1 and its 19 member organizations will buy all of the output from the Shelby Solar Project for the next 20 years under the terms of its power purchase agreement with DEGS. NCMPA1 will also receive all associated renewable energy credits (RECs) from the project.
"This agreement is a great start to the development of our solar resource portfolio," said Graham Edwards, CEO of ElectriCities, the management services organization for NCMPA1. "Solar power complements our existing power supply portfolio by providing peak power during the daylight hours, while also helping to maintain our very small carbon footprint."
SunPower designed and built the solar system using SunPower Tracker(R) technology. The Tracker follows the sun's movement during the day, increasing sunlight capture by up to 25 percent over conventional fixed-tilt systems, while significantly reducing land use requirements.
"SunPower sun-tracking technology is fast to install and reliably delivers clean power during peak demand periods, making solar a competitively-priced choice for power plant applications," said Tom Leyden, managing director at SunPower. "Forward-thinking organizations such as Duke Energy and their local partners are maximizing the production of emission-free, renewable solar power and the long-term benefits it delivers."
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.
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 "estimate," and "will" to identify forward-looking statements in this press release, including forward-looking statements regarding electricity generation. 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 actual electricity generation, actual energy consumption rate, and 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.
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SOURCE SunPower Corp.
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