SunPower Expands into Energy Services with New England Auction Bid Win
Company's Solar Offering Proves to be Cost Competitive with Traditional Energy Sources
SAN JOSE, Calif., March 16, 2020 /PRNewswire/ -- SunPower (NASDAQ:SPWR) recently executed on its plan toward becoming an energy services provider when it was selected to deliver close to 11 megawatts (MW) of direct current (DC) solar power in New England as a result of the region's 14th Forward Capacity Auction (FCA 14). The auction is held annually to ensure that the six states in ISO New England's service territory have enough resources to meet future electricity needs.
By aggregating its residential portfolio as a virtual power plant to participate in the auction, SunPower was able to offer localized, renewable capacity at lower prices. The company's capacity joins hundreds of MW of clean energy technology to deliver electricity in the region between years 2023 and 2024. According to ISO New England, the organization secured capacity at the lowest price in the auction's history.
"SunPower has a large and growing residential customer base, and we look forward to leading the transformation toward a flexible, local, and renewable grid by offering solar and storage services to key organizations like ISO New England and its constituents," said Tom Werner, SunPower CEO and chairman of the board. "This is a historic moment for SunPower and a big win for ISO New England. In the U.S., distributed solar technology is now producing reliable electricity at costs competitive to traditional energy sources like coal and gas which is a major shift from just a few years ago."
Working with its best-in-class dealer network, SunPower will sell and install approximately 1,375 home solar solutions in New England to fulfill its capacity obligations.
CPower Energy Management, a demand-side energy management company with extensive experience successfully participating in capacity markets, partnered with SunPower in this ISO New England bid. The partnership combined CPower's experience in these markets with SunPower's ability to aggregate residential solar electric systems.
"CPower is proud to partner with SunPower to generate value for their customers through leveraging the inherent supply of SunPower's residential solutions to support the stability of the grid," said Joseph Gatto, CPower Vice President and General Manager of New England.
Werner continued, "We look forward to exploring future virtual power plant opportunities with our complete Equinox home solar-plus-storage system, as SunPower expands energy services in the North American residential market."
To learn more about SunPower's complete residential solar solutions, visit www.sunpower.com.
About SunPower
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.
About CPower
CPower connects the needs of the grid with the energy assets of the customer, creating value through financial rewards for the customer and reliability for the grid. CPower provides custom solutions that help our customers save on energy costs, earn revenue through energy curtailment, support grid reliability, and achieve sustainability goals. CPower serves all deregulated energy markets in North America and facilitates utility distribution level programs for more than 20 regulated and deregulated utilities.
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 project plans and timelines, product performance, and 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 and fluctuations or declines in the performance of our solar panels and other products and solutions. 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.
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