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SOURCE SunPower Corp.
CHULA VISTA, Calif., Feb. 22, 2013 /PRNewswire/ -- Today at San Diego's Southwest High School, Sweetwater Union High School District (SUHSD) and SunPower Corp. (NASDAQ: SPWR) are celebrating the installation of 3.3 megawatts of high efficiency SunPower solar power systems at six district schools.
In addition, SUHSD recently signed a power purchase agreement with SunPower for a potential 6.4 megawatts of solar power systems at 16 additional campuses. Construction of these solar power systems is contingent upon SunPower receiving financing which, if received, would allow the additional campuses to be completed by the end of the year. If constructed, SUHSD should expect savings from all 22 systems of $6 million over the next 20 years.
"These SunPower systems will generate about 80 percent of the electricity demand at the campuses where they are located, allowing the Sweetwater Union High School District to use the savings to support our academic and enrichment programs," said Dr. Edward M. Brand, superintendent of SUHSD. "With proven, reliable SunPower technology, we are maximizing our savings while minimizing the district's carbon footprint. It is the right thing to do for our students and our community."
At the six district schools, SunPower installed solar shade structures in school parking lots, taking advantage of underutilized space and providing needed shade. The systems use high efficiency SunPower solar panels, the most efficient panels on the market today.
"Sweetwater Union High School District can rely on its high efficiency SunPower solar systems to deliver guaranteed performance for the next 20 years or more," said Howard Wenger, SunPower president, regions. "SunPower works with school districts across California to reduce operating costs and repurpose the savings to the classroom. It is extremely rewarding to deliver needed savings to our public schools with power from the sun."
The district's six operational solar systems are financed through a power purchase agreement with SunPower. Under terms of the agreements, Wells Fargo owns the systems that SunPower designs, builds, operates and maintains. The district is buying the electricity at rates that are competitive with retail electricity, minimizing the effect of rising electricity costs with no capital investment. The district owns the renewable energy credits (RECs) associated with the systems.
According to estimates provided by the U.S. Environmental Protection Agency, the currently operating SUHSD solar power systems will avoid production of more than 2,600 tons of carbon dioxide emissions annually, the equivalent of removing more than 10,000 cars from California's roads over the next 20 years.
About Sweetwater Union High School District
Founded in 1920, the Sweetwater District has grown to more than 41,000 students in grades 7 through 12 and more than 24,000 adult learners. The district's 32 campuses are located in the cities of Chula Vista, Imperial Beach, National City and San Diego, including the communities of Bonita, Eastlake, Otay Mesa, San Ysidro and South San Diego.
SunPower Corp. (NASDAQ: SPWR) 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, Africa 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. SunPower uses words and phrases such as "contingent upon," "if constructed" and similar expressions to identify forward-looking statements, including statements regarding SunPower completing construction of 6.4 MW of solar systems by 2013 year end for SUHSD. Such forward-looking statements are based on information available to SunPower as of the date of this press release and involve a number of risks and uncertainties, some beyond SunPower'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 in the project implementation process, including transmission access and upgrades; (ii) unanticipated delays or difficulties securing necessary permits, licenses or other governmental approvals, and completing all environmental review and permits; (iii) the continuation of existing and enactment of new economic incentives promoting the use of solar power; (iv) the inability to obtain financing necessary to complete the construction of the projects; (v) unanticipated problems with deploying the systems on the sites; and (vi) other risks described in the company's Annual Report on Form 10-K for the year ended December 30, 2012 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.
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