June 4, 2014
SunPower Corp. (NASDAQ: SPWR) has been selected by NV Energy to build a 19-megawatt (DC) solar photovoltaic power system at Nellis Air Force Base in Nevada. The system is expected to be constructed next year, contingent on contract approval by Nevada's Public Utilities Commission. It will be the second major solar installation located at the military facility - SunPower completed a 14-megawatt (DC) solar power system at the base in 2007.
"We are pleased to team again with NV Energy. In 2007, it took nine months to construct the 14-megawatt plant at Nellis Air Force Base, which was the largest solar photovoltaic power plant in the U.S. at the time," said Howard Wenger, SunPower president, regions. "Today, we can install more than one megawatt per day at our larger power plant sites, creating long-term value for our utility customers and competing effectively with traditional energy sources. We congratulate NV Energy for their leadership in renewable energy and are pleased to work with them on this important project."
"NV Energy looks forward to the opportunity to bring more clean, renewable energy to power facilities and military operations at Nellis Air Force Base," said Stacey Kusters, vice president, renewable energy and origination for NV Energy. "Our partnership with SunPower is a key component of achieving our renewable energy goals at a competitive cost."
At the site, SunPower will build a SunPower Oasis(TM) Power Plant system. Oasis is a fully integrated, modular solar power block that is engineered to rapidly and cost-effectively deploy utility-scale solar projects while optimizing land use.
According to estimates provided by the U.S. Environmental Protection Agency, the completed plant will offset the annual production of almost 27,000 tons of carbon dioxide emissions, which is the equivalent of removing 136,800 cars from Nevada's roads over the next 25 years.
About SunPower Corp.
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.sunpower.com.
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 plans for the development and construction of future projects. 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) competition in the industry and downward pressure on average selling prices; (2) our liquidity, substantial indebtedness, and our ability to obtain additional financing for our projects and our customers; (3) our ability to meet our cost reduction targets; (4) regulatory changes and the availability of economic incentives promoting use of solar energy; (5) challenges inherent in constructing and maintaining certain of our large projects, such as the Nellis Air Force Base projects; (6) the success of our ongoing research and development efforts and commercialization of new products and services; (7) fluctuations in our operating results; (8) manufacturing difficulties that could arise; and (9) challenges managing our joint ventures. 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 Form 10-K and Form 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.
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