SAN JOSE, Calif., May 3, 2016 /PRNewswire/ -- SunPower Corp. (Nasdaq: SPWR) announced today that construction has started on 11.4 megawatts (DC) of solar power systems to power public facilities operated by the County of Santa Clara in California.
The County will own the systems, as well as their associated renewable energy credits. SunPower will construct a total of six systems at County facilities, all of which are expected to be operational by the end of 2016. SunPower estimates that the equivalent amount of electricity generated by the systems when they are operational could power more than 6,000 electric vehicles for 30 years.
"SunPower works with public agencies that require innovative, effective approaches to managing energy costs without reducing services in their communities," said Howard Wenger, SunPower president, business units. "Solar makes sense for counties and municipalities today because it's cost-competitive, fast to install, and supports sustainability goals. We are particularly pleased to serve the interests of the County of Santa Clara, where SunPower has been headquartered for 30 years, with high performance SunPower® solar power systems that will maximize long-term value."
To fund the project, the County of Santa Clara secured U.S. Department of Treasury clean renewable energy bonds (CREBs), which are available to certain entities, primarily in the public sector, to finance renewable energy projects. California's net energy metering (NEM) and RES-BCT programs also helped make ownership of on-site solar power systems accessible for the county.
At five of the county sites, SunPower is installing ground-mounted solar power systems featuring SunPower solar panels, the most efficient solar panels commercially available today. The sixth installation will be a solar carport that generates emission-free solar power while providing needed shade.
SunPower has approximately 45 megawatts of large commercial and public agency solar power systems operating or under contract in Santa Clara County.
For more than a decade, SunPower has been delivering solar solutions to cities and counties. Other customers in California have included Yolo County and the cities of San Francisco, Riverside and Ontario.
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, 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 our plans and objectives for existing and future project development and construction, 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: (1) our liquidity, substantial indebtedness, and our ability to obtain additional financing for our projects and our customers; (2) regulatory changes and the availability of economic incentives promoting use of solar energy; (3) challenges inherent in constructing and maintaining large projects; and (4) manufacturing difficulties that could arise. 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.