SunPower: Power Purchase Agreement (PPA)
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ESCONDIDO, California and SAN JOSE, California - Escondido Union High School District (EUHSD) and SunPower Corp. (Nasdaq: SPWR) announced a power purchase agreement (PPA) under which SunPower will build two megawatts of solar power systems at four district schools. The district estimates that the agreement will offset approximately 75 percent of its annual electricity demand, and save $13.4 million in electricity costs over the next 20 years.
Requiring no upfront capital investment on behalf of the district, the PPA provides EUHSD with competitive electricity rates and a hedge against potential utility rate increases.
"As a result of this agreement with SunPower, Escondido Union High School District will significantly reduce our energy costs, enabling us to apply the savings where they are needed, such as for enhanced academic programs or facility upgrades," said EUHSD Assistant Superintendent of Business Services Michael Simonson. "SunPower's deep experience working with school districts is as important as the long-term performance of its technology. We are proud to support the development of additional solar power resources in our community."
At the four district sites, SunPower will install solar carport systems, using high efficiency SunPower solar panels, the most efficient on the market today. In addition to generating power, the carports will provide needed shade in the schools' parking areas. The systems are expected to be operational by the end of this year.
"Escondido Union High School District can rely on these SunPower systems to deliver exceptional value for the next 20 years," said Howard Wenger, SunPower president, business units. "SunPower has extensive experience working with school districts to deliver innovative solar solutions. It is extremely rewarding to enable our public schools to achieve significant operational savings while inspiring students with the great potential of solar power."
SunPower is a leader in delivering energy solutions to California school districts. At 22 school districts across the state, the company has installed solar power systems totaling more than 89 megawatts which, according to the Solar Energy Industries Association, generates the equivalent amount of power for almost 14,000 average California homes.
About Escondido Union High School District
EUHSD is proud to not only have one of the county's oldest schools (Escondido High, founded in 1894), but one of the newest campuses (Del Lago Academy, opened in Fall 2013). For over 120 years, generations of students have been inspired, guided and at times gently nudged to reach for the stars. Whether in the classroom, library, Learning Center, lunch room or on the field, every student deserves the chance to develop knowledge and skills that will prepare them for a successful future. With Advanced Placement, Independent Study, after school enrichment, career exploration, and college/career technical programs available on every campus, opportunities are abundant. Currently over 7,800 students attend Escondido, Orange Glen, San Pasqual, Valley or Del Lago Academy, choosing the unique learning environment in which they can best thrive.
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, North and South America. For more information about how SunPower is changing the way our world is powered, visit www.sunpower.com