SAN JOSE, Calif., Oct. 5, 2017 /PRNewswire/ -- SunPower
(NASDAQ:SPWR) today announced a collaboration with True Green
Capital Management LLC (TGC) – a privately owned, specialized
energy infrastructure asset management firm –to establish a
$140 million fund expected to finance
approximately 50 megawatts of SunPower® solar energy systems.
Projects of interest are likely to include those with solar
renewable energy credits, as well as integrated storage components,
in California, Connecticut, Maryland, Massachusetts, New
Jersey, and Washington,
D.C. To date, 5 megawatts of SunPower installations destined
for the fund are under construction in Massachusetts, and an extensive pipeline of
commercial projects are in development.
"While U.S. electricity demand is on the rise, many U.S. states
face closures of old coal and nuclear power plants, so we see huge
potential in meeting that need with distributed solar power,
especially in the Eastern U.S. where states are aggressively
investing in solar photovoltaics," said Panos Ninios, True Green Capital managing
partner. "We're excited to partner with SunPower, a
U.S.-headquartered industry leader that is uniquely positioned to
excel in the commercial solar market with its differentiating solar
solutions, and its proven experience deploying them for commercial,
industrial, and public customers across the nation."
As part of the three-year agreement, SunPower will deliver
turn-key distributed solar electric power projects for commercial
and public sector customers that will be acquired by TGC. SunPower
will be responsible for engineering, procurement and construction
(EPC) of distributed generation solar projects for the partnership,
and will also provide operations and management (O&M) services
to the projects.
"We're pleased to team up with TGC to advance the growth of the
U.S. commercial solar market in states where there is enormous
potential for businesses, universities and municipalities to
benefit from clean and cost effective solar energy delivered by
SunPower's market leading solar solutions," said Nam Nguyen, SunPower executive vice president.
"TGC brings innovative financing capabilities that will enable us
to offer competitive and creative financing to our customers in the
Northeast."
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 True Green Capital Management
True Green
Capital Management LLC ("TGC") is a specialized energy
infrastructure asset management firm based in Westport, Connecticut with several private
equity funds under management. TGC has invested into a
distributed solar power generation portfolio across nine states
including New Jersey, California, Massachusetts, Idaho, Rhode
Island, Connecticut,
New York, Tennessee, and Vermont. The firm was
founded in July 2011 and is led by a
team of investment professionals with a proven investment track
record and a demonstrated capacity to originate, finance, construct
and operate distributed power generation investments.
True Green Capital is currently focused on the approximately
$2 trillion distributed power
generation market with an emphasis on the sub utility scale solar
power segment. Thanks to rapid advancements in technology,
the cost of distributed power generation, including solar, is now
on par with traditional electricity generation sources and in many
U.S. states it represents one of the few sources of new power
generation infrastructure that can be added to the power network
quickly, reliably and cost efficiently. TGC believes the continued
increase of power prices and decreasing entry costs of distributed
power generation technology will continue to lead to compelling
investment opportunities which provide a stable cash flow stream
with little to no correlation to the broader markets. For more
information, please visit: www.truegreencapital.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 business
plans and strategies, project plans and deliverables, timelines,
projected financing of future projects, anticipated product
allocation, and expected customer financing capabilities.
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:
competition and market conditions in the solar and general energy
industry, regulatory changes and the availability of economic
incentives promoting use of solar energy, challenges inherent in
constructing and maintaining certain of our large projects, 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 reports on Forms 10-K
and 10-Q, 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.
©2017 SunPower Corporation. All Rights
Reserved. SUNPOWER and the SUNPOWER logo are registered
trademarks of SunPower Corporation in the U.S. and other countries
as well.
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SOURCE SunPower Corp.