LA MESA and SAN JOSE, Calif., April 14, 2016 /PRNewswire/ -- Grossmont Union High School District (GUHSD) and SunPower Corp. (Nasdaq: SPWR) today announced plans for a 1.1-megawatt SunPower® solar carport to be installed at Valhalla High School in El Cajon, Calif. GUHSD will not own the system; rather, it will buy power at a competitive rate under a power purchase agreement (PPA) with SunPower. SunPower estimates that 78.5 percent of the school's energy will be offset as a result of the agreement, saving $6.3 million in electricity costs over the next 20 years.
"Any reduction in utility cost allows us to redirect limited resources to academic programs, faculty support, or additional facility upgrades," said GUHSD Deputy Superintendent Scott Patterson. "SunPower's experience working with school districts, as well as the long-term performance of its technology were the primary reasons they were selected for this project."
"School districts work hard to maximize value from their limited resources. SunPower's power purchase agreements give districts the ability to enhance their operational budgets by providing competitive electricity rates and a hedge against potential utility rate increases, with no upfront capital investment," said Howard Wenger, SunPower president, business units. "It is extremely rewarding to help districts such as GUHSD to achieve significant savings while inspiring students with innovation and the great potential of solar power."
The SunPower solar carport system will feature high efficiency SunPower solar panels, the most efficient on the market today. In addition to generating power, the carports will provide needed shade in the schools' parking areas.
The system to be constructed at Valhalla High School is expected to be operational by the end of this year.
SunPower is a leader in delivering innovative energy solutions to California school districts. At 23 school districts across the state, the company has installed solar power systems totaling more than 90 megawatts which, according to the Solar Energy Industries Association, generates the equivalent amount of power for 22,500 average California homes.
About Grossmont Union High School District
The District covers a 465-square-mile area in eastern San Diego County including: the cities of El Cajon, Santee, La Mesa and Lemon Grove and a small portion of City of San Diego, as well as adjacent unincorporated communities of Alpine, Dulzura, Jamul, Lakeside, and Spring Valley. The District was established in 1920 and currently operates nine comprehensive high schools, two charter high schools, one continuation high school, two alternative education sites, three special education facilities, a middle college high school program, a Career Technical Education Program, and an adult education program and a student population of approximately 21,860 students in 2015-16.
As one of the world's most innovative and sustainable energy companies, SunPower (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, and North and South America. For more information about how SunPower is changing the way our world is powered, visit www.sunpower.com.
SunPower's 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 projected energy output and expected cost savings. 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: regulatory changes and the availability of economic incentives promoting use of solar energy. 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 report on Form 10-K, 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.
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SOURCE SunPower Corp.