SAN JOSE, Calif., Oct. 5, 2011 /PRNewswire-FirstCall/
-- SunPower Corp. (NASDAQ: SPWRA, SPWRB) today announced it
expects to start construction on the 25-megawatt McHenry Solar Farm in Modesto, Calif. before the end of the year.
The solar photovoltaic (PV) power project received unanimous
approval by the Stanislaus County
planning commission on September 15,
2011. During construction, it is expected to create up to
144 construction jobs and inject approximately $18.7 million into the local economy.
Construction of the facility is contingent on the receipt of all
remaining building permits, and is expected to be completed and
operational by the second half of 2012.
Electricity produced by the solar PV project will serve the
utility grid operated by Modesto Irrigation District (MID), helping
the agency achieve California's 33
percent renewable portfolio standard.
"Solar power adds to the diversity of MID's power mix and is an
excellent fit for our customers' energy needs," said MID Assistant
General Manager of Electric Resources Roger VanHoy. "We have been
impressed by SunPower's professionalism and knowledge to date, and
are confident SunPower has the experience and technology to
cost-effectively deliver a system that will reliably generate solar
power for MID's customers for the next 25 years."
The plant will use the SunPower Oasis™ Power Plant product, a
fully integrated, modular solar power block that is engineered to
rapidly and cost-effectively deploy utility-scale solar projects
while minimizing land use impacts. Each power block integrates the
SunPower® T0 Tracker with SunPower's high-efficiency, E19 solar
panel, pre-manufactured system cabling, the Oasis smart inverter,
and the Oasis operating system. SunPower Oasis also features the
SunPower advanced Tracker Monitoring and Control System (TMAC™) for
wireless control of the power plant. The power block kits are
shipped pre-assembled to the job site for rapid field installation,
and offer the highest capacity factor and the most reliable
long-term performance.
"SunPower technology is fast to install, offers guaranteed
performance, and is a competitively-priced choice for power," said
Howard Wenger, president of
SunPower's utility and power plant business group. "We commend MID
for seizing the opportunity to help meet the state's growing energy
demand and renewable energy goals."
About SunPower
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.
Forward-Looking Statements
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 "poised,"
"expects," "will," "contingent on," and "expected" to identify
forward-looking statements in this press release, including
forward-looking statements regarding (a) expected beginning of
construction of the solar farm; (b) expected benefits of the solar
farm; and (c) the expected completion date in 2012. 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) construction difficulties or
potential delays, including obtaining land use rights, permits,
license, other governmental approvals, and transmission access and
upgrades, and any litigation relating thereto; (ii) increasing
competition in the industry and lower average selling prices, and
impact on gross margin; (iii) timeline for revenue recognition and
the impact on the company's operating results; (iv) the risk of
continuation of supply of products and components from suppliers;
(v) unanticipated problems with deploying the system on the site;
and (vi) other risks described in the company's Annual Report on
Form 10-K for the year ended January 2, 2011 and Quarterly Report
on Form 10-Q for the quarter ended July 3, 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.
SunPower is a registered trademark of SunPower Corp.
All other trademarks are the property of their respective
owners.
SOURCE SunPower Corp.