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SunPower and PG&E Sign Contract for 100-Megawatt Henrietta Solar Project

SAN JOSE, Calif., Sept. 7, 2012 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR) announced today that it has signed a power purchase agreement with Pacific Gas and Electric (PG&E) for delivery of the 100-megawatt (AC) Henrietta Solar Project in Kings County, Calif. The project is expected to create approximately 200 jobs during construction and inject $72.7 million into the local economy.

"We are very pleased to be working again with PG&E to deliver cost-competitive solar power at a 100 megawatt scale, while creating jobs and economic opportunity for the local community," said Howard Wenger, SunPower president, regions. "SunPower's world-leading high-efficiency technology and history of reliable performance will maximize the solar energy delivered to PG&E's customers over the life of the system."

PG&E estimates that the 100-megawatt project will provide the equivalent power required for approximately 36,000 average California homes.

At the site, SunPower will deploy the SunPower OasisTM power plant, the energy industry's first modular solar power block that provides a cost-effective way to rapidly deploy utility-scale solar. Engineered to optimize use of available land, each SunPower Oasis power block uses high-efficiency, 435-watt SunPower solar panels with the SunPower T0 Tracker, which positions the panels to track the sun during the day, resulting in up to 25 percent more energy capture over fixed-tilt solar power systems. Additional SunPower Oasis features include pre-manufactured cabling to minimize on-site wiring, the Oasis smart inverter control system to enhance grid interoperability, and SunPower's Tracker Monitoring and Control System for wireless control of the power plant. 

This contract is contingent on approval by the California Public Utilities Commission and SunPower's ability to complete all applicable permits. It is expected that construction will begin in 2015, with the plant beginning commercial operation by late 2016.

About SunPower
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.

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. SunPower uses words and phrases such as "agreement," "expected," "will," and similar expressions to identify forward-looking statements, including statements regarding: (a) the amount of energy SunPower will deliver and sell to PG&E; (b) the expected construction and operational date for the project; and (c) incorporating the Oasis power plant technology into the project. Such forward-looking statements are based on information available to SunPower as of the date of this press release and involve a number of risks and uncertainties, some beyond SunPower'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, including transmission access and upgrades; (ii) unanticipated delays or difficulties securing necessary permits, licenses or other governmental approvals, including approval of the contract by the California Public Utilities Commission, and completing all environmental review and permits; (iii) the continuation of existing and enactment of new federal and state government economic incentives promoting the use of solar power; (iv) the significant investment required to construct power plants and the company's ability to sell or otherwise monetize power plants; (v) the inability to obtain financing necessary to complete the construction of the project; (vi) the risk of continuation of supply of products and components from suppliers; (vii) unanticipated problems with deploying the systems on the site; (viii) actual electricity generation; and (ix) other risks described in the company's Annual Report on Form 10-K for the year ended January 1, 2012 and Quarterly Reports on Form 10-Q for the quarters ended April 1, 2012 and July 1, 2012, 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.

For further information: Ingrid Ekstrom, +1-510-260-8368, iekstrom@sunpowercorp.com