SAN JOSE, Calif., March 28, 2011 /PRNewswire-FirstCall/ -- SunPower Corp. (Nasdaq: SPWRA; SPWRB) announced today that Tucson Electric Power (TEP) has awarded SunPower a contract to provide 11 megawatts of solar power systems technology for the utility's TEP Bright Roofs program.
During the next three years, TEP will use the SunPower technology to install, own and operate multiple solar power systems on leased rooftop space atop schools and other large public buildings in the Tucson area. The solar installations will be connected directly to neighborhood distribution circuits where the rooftops are located, and will generate enough clean power to serve more than 1,800 Tucson homes.
"SunPower's high-efficiency solar technology will allow us to produce more power per installation, but it is also cost-competitive, easy to install and low maintenance," said Paul Bonavia, chairman, president and CEO of TEP and its parent company, UniSource Energy (NYSE: UNS). "Underutilized rooftops will be used to generate emission-free energy for our community, helping us achieve our renewable energy goals."
TEP is purchasing the SunPower T5 Solar Roof Tile product, the solar industry's first non-penetrating rooftop product that combines a high-efficiency SunPower solar panel, frame and mounting system into a single pre-engineered unit. Tilted at a five-degree angle, the T5 Roof Tile system approximately doubles the energy generated per square meter compared to conventional systems that are mounted flat onto commercial rooftops.
"The TEP Bright Roofs program capitalizes on the growing value of advanced solar technology as a cost-effective energy resource that can be installed quickly anywhere and at any scale," said Howard Wenger, president of SunPower's utilities and power plant business group. "Backed by a quarter century of experience and SunPower's commitment to guaranteed performance, these systems will reliably maximize solar power generation for TEP over the next 25 years or more."
TEP's solar energy resources help the company comply with Arizona's Renewable Energy Standard (RES), which requires Arizona utilities to increase their use of renewable power each year until it represents 15 percent of their energy in 2025. In 2011, the policy calls on TEP to secure 3 percent of its power from renewables, including solar energy, wind, biogas and other resources.
SunPower Corp. (Nasdaq: SPWRA, SPWRB) 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 and Asia. For more information, visit www.sunpowercorp.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts and may be based on underlying assumptions. The company uses words and phrases such as "awarded," "will" and similar expressions to identify forward-looking statements in this press release, including forward-looking statements regarding Tucson Electric Power purchasing from SunPower 11 megawatts of solar power systems. Such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as: (i) the company's ability to obtain and maintain an adequate supply of raw materials; (ii) general business and economic conditions; (iii) the continuation of governmental and related economic incentives promoting the use of solar power; (iv) manufacturing difficulties; and (iv) other risks described in the company's Annual Report on Form 10-K for the year ended January 2, 2011 and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the company's views as of any subsequent date, and the company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE SunPower Corp.