SAN JOSE, Calif., April 29, 2010 /PRNewswire via COMTEX News Network/ -- SunPower Corp. (Nasdaq: SPWRA, SPWRB) today announced it has executed an agreement with Pacific Gas and Electric Company (PG&E) that completes contractual arrangements for the development of a 250-megawatt (AC) solar photovoltaic (PV) power plant in San Luis Obispo County, Calif. Today's agreement adds 40 megawatts (MW) of capacity to SunPower's existing contract for 210 MW, which was executed in August 2008. When complete, the 250-MW California Valley Solar Ranch is expected to be one of the largest photovoltaic solar power plants in the world.
The California Valley Solar Ranch agreement was designed to accommodate the additional 40-MW capacity, eliminating the need for any amendments to SunPower's county permit application. The solar plant will be completed in phases, with the first phase planned to begin operation in 2011.
"We are thrilled to continue to advance one of the first central station solar power plants in the world with PG&E and in coordination with San Luis Obispo County," said Howard Wenger, president of SunPower's utilities and power plants business group. "The California Valley Solar Ranch will generate pollution-free solar power that is competitive with new, conventional peak power. Our incremental 40-MW agreement with PG&E provides more visibility into our power plant pipeline in 2011 and beyond."
Responding to feedback from the local community, SunPower revised several aspects of its original power plant design to minimize environmental impacts and enhance the system's visual profile. SunPower has also been working with the community to reduce the amount of traffic in the area during construction and to protect local wildlife habitat and migration patterns.
SunPower has more than 550 MW of large solar power systems installed or under contract globally around the world. In the U.S., the company recently completed 35 MW for Florida Power & Light, with 25 MW at the nation's largest operating solar PV plant at DeSoto Next Generation Solar Energy Center and a 10 MW installation at the Kennedy Space Center, both located in Florida. SunPower also installed the largest urban solar power plant, an 8-MW power plant for Exelon in Chicago, and recently announced the financing of a 19-MW power plant for Xcel Energy in Colorado.
Construction of the California Valley Solar Ranch is contingent on a number of factors, including the receipt of all applicable permits, completion of transmission upgrades and financing.
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.
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. SunPower uses words and phrases such as "will," "can," "expected," "contingent," "pipeline," and "continue" to identify forward-looking statements in this press release, including forward-looking statements regarding construction of the California Valley Solar Ranch and SunPower's power plant pipeline. Such forward-looking statements are based on information available to SunPower as of the date of this release and involve a number of risks and uncertainties, some beyond its control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as: (i) construction difficulties or potential delays in the project implementation process; (ii) unanticipated delays or difficulties securing necessary permits, licenses or other governmental approvals; (iii) the risk of continuation of supply of products and components from suppliers; (iv) unanticipated problems with deploying the system on the site; (v) transmission upgrades; (vi) third-party financing; and (vii) other risks described in SunPower'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 SunPower's views as of any subsequent date, and SunPower 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.
SOURCE SunPower Corp.
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