WOODLAND, Calif., March 17, 2010 /PRNewswire via COMTEX News Network/ -- Yolo County, SunPower Corp. (Nasdaq: SPWRA, SPWRB) and Bank of America (NYSE: BAC) today announced that SunPower will design and construct a 1-megawatt solar power system at the Yolo County Justice Center in Woodland, Calif. Yolo County, which will own the system and associated renewable energy credits, is financing the purchase using multiple funding sources, including clean renewable energy bonds and qualified energy conservation bonds available through the American Recovery and Reinvestment Act of 2009.
In addition to the subsidized bonds, which were financed by Bank of America, SunPower assisted the county in securing a 15-year loan from the California Energy Commission.
"With the funding we secured as a result of the federal stimulus bill and the California Energy Commission loan, Yolo County has no out-of-pocket expenses to build the project, and will be net cash flow positive from the first day of the system's operation, expected to be later this year," said Yolo County General Services Director Ray Groom. "We estimate that savings over the next 25 years will be about $8.8 million, directly benefiting Yolo County residents and businesses. State and federal funding has helped make solar power an easy, affordable means to reduce county operational costs as well as our dependence on fossil fuels."
"We believe this is the first solar project to make use of the federal stimulus legislation's clean energy renewable bonds, established last year, and among the first large-scale solar projects to be funded by a California Energy Commission loan. Yolo County is using the federal and state funding to save money, create jobs and produce clean energy for years to come," said Bill Kelly, managing director at SunPower. "We are thrilled to be supporting the county with the implementation of SunPower's proven, high performing technology, ensuring impressive savings for years to come."
The solar power system, which is expected to be complete by September, will utilize SunPower solar panels, the most efficient solar panels on the market, with the SunPower Tracker(R) system. 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.
According to conversion formulas provided by the U.S. Environmental Protection Agency, Yolo County's system is expected to avoid more than 2.2 million pounds of carbon dioxide emissions each year, equivalent to the emissions displaced from removing over 5,700 cars from California's roads over the 30-year life of the system.
With this project, Bank of America adds Yolo County to its growing list of clients, especially California governmental and educational entities, that it has helped benefit from various state and federal government solar tax incentives. Bank of America focuses on projects like this as part of its $20 billion, 10-year initiative to address global climate change.
"We congratulate Yolo County for taking this step toward increasing its reliance on renewable energy while also improving its fiscal efficiency," said John Rudberg, Energy Services sales executive for Banc of America Public Capital Corp. "This is a great example of the type of energy projects our national and state governments are encouraging through tax policies. Bank of America is pleased to be a leader in working with energy services providers such as SunPower to help local governments improve our environment while saving local tax dollars."
About Yolo County
Yolo County is located in northern California, sharing its eastern border with Sacramento County and encompassing a total area of 1,021 square miles. With a population of just over 200,000 residents, the county remains a relatively rural agricultural region outside its incorporated cities of Davis, West Sacramento, Winters and Woodland - the county seat. Through the Yolo County Climate Change Compact, the county partners with its cities, school districts and the University of California at Davis to reduce greenhouse gas emissions through energy efficiency and the promotion of renewable energy alternatives.
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 Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 59 million consumer and small business relationships with 6,000 retail banking offices, more than 18,000 ATMs and award-winning online banking with nearly 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange. For more information, visit www.bankofamerica.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 "will," "estimate," "believe" and "expected" to identify forward-looking statements in this press release, including forward-looking statements regarding: (a) energy production, efficiency and savings; (b) construction schedule; (c) environmental benefits; and (d) system lifetime. 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) 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) actual electricity generation; (vi) the actual energy consumption rate; (vii) unexpected changes in utility service rates; (viii) variations in carbon dioxide emissions reductions; and (ix) other risks described in the company's Annual Report on Form 10-K for the year ended December 28, 2008, its 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.
SOURCE SunPower Corp.
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