SAN JOSE, Calif., June 18, 2012 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR) today announced the completion of a 1.8-megawatt solar power system for Bloomberg in New Jersey. The eight-acre, ground-mounted solar tracking system is generating the equivalent of 58 percent of electricity demand at the 100,000-square-foot main building at Bloomberg's Skillman, N.J. campus. It is the first completed renewable energy project at a Bloomberg facility.
"Renewable energy development is a core part of Bloomberg's overall commitment to environmental sustainability. This significant solar installation contributes to Bloomberg's environmental and financial goals, and diversifies New Jersey's energy supply with reliable, clean and affordable power," said Curtis Ravenel, global head of sustainability for Bloomberg.
Bloomberg is buying the power generated from the system at prices below retail rates, providing a long-term hedge against rising power prices with no initial capital investment. The system is owned by a subsidiary of Integrys Energy Services, Inc., which is also selling the solar renewable energy credits and environmental attributes associated with the project. The system is being partially financed through PSE&G's Solar Loan Program, through which PSE&G offers low-interest loans for solar power development.
The system uses high-efficiency SunPower solar panels with the SunPower® T0 Tracker 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.
"The T0 Tracker delivers more solar energy per square meter and greater energy savings than conventional systems, reliably maximizing the clean, renewable solar power generated on site for the next 20 years or more," said Howard Wenger, SunPower president, regions. "With this system, Bloomberg is achieving significant long-term cost savings on electricity and supporting renewable energy development that is critical to environmental health and energy independence."
SunPower Corp. (NASDAQ: SPWR) designs, manufactures and delivers the highest efficiency, highest reliability solar panels and systems available today. Residential, business, government and utility customers rely on the company's quarter century of experience and guaranteed performance to provide maximum return on investment throughout the life of the solar system. Headquartered in San Jose, Calif., SunPower has offices in North America, Europe, Australia, Africa and Asia. For more information, visit www.sunpowercorp.com.
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SOURCE SunPower Corp.