Epuron Acquires Australia's Largest Tracking Solar Power Plant from SunPower Commonwealth Bank Finances Purchase, Becomes Country's First Financial Institution to Invest in Large-Scale Solar Project
SAN JOSE, Calif., and SYDNEY, Oct. 3, 2012 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR) and Epuron today announced that Epuron has acquired the 1-megawatt Uterne solar power plant operating in Alice Springs, Australia. Commonwealth Bank (ASX: CBA), Australia's leading provider of integrated financial services, has provided project financing, making it the country's first major bank to support a solar project of this size.
The project was developed by SunPower with the support of Power and Water Corporation. Under a solar power purchase agreement, Power and Water Corporation will buy generated electricity at a guaranteed rate over a 20-year term. Following the acquisition, SunPower will continue to provide operations and maintenance services in conjunction with Ogden Power, a SunPower accredited solar company based in Alice Springs.
"Epuron's acquisition of Uterne underscores the bankability of SunPower's industry-leading, high efficiency technology, decades of proven experience and more than 2,500 megawatts deployed globally," said Howard Wenger, SunPower president, regions. "This solar power plant has exceeded reliability and energy production expectations since it was commissioned in June 2011, and will reliably generate power and return on investment for the life of the system."
"The acquisition of Uterne further demonstrates Epuron's commitment to a growing solar portfolio in the Northern Territory," said Epuron Executive Director Andrew Durran. "The project is a great addition to our 1-megawatt remote TKLN Solar project, making Epuron one of the largest solar project owners and asset managers in Australia. Epuron is especially pleased to be able to project finance the acquisition through CBA, a first for a project of this size in Australia."
Uterne is comprised of high efficiency SunPower solar panels installed on the SunPower® T20 Tracker, which positions panels to follow the sun during the day, increasing daily energy production by up to 30 percent over conventional fixed-tilt installations. In August 2012, Uterne received an Engineering Excellence Award from the Institution of Engineers Australia.
The development of Uterne was made possible with funding assistance from the Australian Government as part of its Solar Cities program. The solar power plant is a key component of the Alice Solar City program and illustrates the initiative's success in developing more sustainable energy solutions in Australia.
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.
Founded in 2003, Epuron is a leading Australian renewable energy company with a focus on development of utility-scale wind and solar energy projects. Epuron's TKLN Solar project in the Northern Territory is ready to supply three remote communities in Australia's outback. Epuron is also one of Australia's most successful wind farm developers. It has developed the highest yielding, largest, and largest number of wind farms in NSW. Epuron is working with both mining and utility clients to provide reliable, off-grid power using solar and wind energy to supplement diesel or gas power supplies. For more information, visit www.epuron.com.au.
SOURCE SunPower Corp.