SunPower Starts Construction on 100-Megawatt Boulder Solar Plant for NV Energy

15-Megawatt Solar Plant at Nellis Air Force Base Now Generating Power to Serve Base Operations

Dec 03, 2015, 16:01 ET from SunPower Corp.

SAN JOSE, Calif., Dec. 3, 2015 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR) announced today that construction has commenced on Boulder Solar, a 100-megawatt (AC) solar power plant located in the Eldorado Valley of Boulder City, Nev. NV Energy has contracted to buy the power generated at the plant under a 20-year power purchase agreement.

"With more than 5.8 gigawatts of operating solar systems worldwide, the power plants we deliver leverage SunPower's proven experience and innovative, high performance technology," said Jorg Heinemann, SunPower executive vice president, global power plants. "We are pleased to partner again with NV Energy to power more Nevada homes and businesses with sustainable, cost-competitive solar."

Boulder Solar is expected to create approximately 200 jobs during construction. Anticipated to be operational in 2016, the project may generate enough electricity to serve the needs of more than 60,000 homes during daylight hours, based on estimates provided by NV Energy.

Boulder Solar is being constructed on approximately 600 acres that are owned by Boulder City and are being leased to SunPower under a long-term lease agreement.

SunPower is constructing a SunPower® Oasis® Power Plant system at the site. Oasis is a fully-integrated, modular solar power block that is engineered for rapid and cost-effective deployment of utility-scale solar projects while optimizing land use. The technology includes robotic solar panel cleaning capability that uses 75 percent less water than traditional cleaning methods and can help improve system performance by up to 15 percent.

SunPower acquired the project earlier this year from KOMIPO America, Inc. (KOMIPO), an electric utility company and independent power producer operating 14 gigawatts of diversified generating capacity globally. KOMIPO is a wholly-owned subsidiary of Korea Midland Power Co., Ltd, and was the original lead developer for the Boulder Solar project. KOMIPO will participate in the construction and operation of the project.

SunPower is also completing construction on a 15-megawatt solar power plant for NV Energy at Nellis Air Force Base, which is now generating power to serve base operations. The company completed a 13.2-megawatt solar power plant at Nellis in 2007. According to the U.S. Air Force, the two Nellis plants combined represent the largest photovoltaic system in the U.S. Department of Defense.

About SunPower As one of the world's most innovative and sustainable energy companies, SunPower Corp. (NASDAQ: SPWR) provides a diverse group of customers with complete solar solutions and services. Residential customers, businesses, governments, schools and utilities around the globe rely on SunPower's more than 30 years of proven experience. From the first flip of the switch, SunPower delivers maximum value and superb performance throughout the long life of every solar system. Headquartered in Silicon Valley, SunPower has dedicated, customer-focused employees in Africa, Asia, Australia, Europe, North and South America. For more information about how SunPower is changing the way our world is powered, visit www.sunpower.com.

Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our plans and objectives for the Boulder Solar Plant project development including expectations concerning construction timing and power generation. These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: (1) competition in the industry and downward pressure on average selling prices; (2) our liquidity, substantial indebtedness, and our ability to obtain additional financing for our projects and our customers; (3) our ability to meet our cost reduction targets; (4) regulatory changes and the availability of economic incentives promoting use of solar energy; (5) challenges inherent in constructing and maintaining certain of our large projects; (6) the success of our ongoing research and development efforts and commercialization of new products and services; (7) fluctuations in our operating results; (8) manufacturing difficulties that could arise; and (9) challenges managing our joint ventures. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpowercorp.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.

© 2015 SunPower Corporation.  All Rights Reserved.  SUNPOWER, the SUNPOWER logo and OASIS are trademarks or registered trademarks of SunPower Corporation in the U.S. and other countries as well.

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SOURCE SunPower Corp.



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