21.03.11

SunPower: Solar PV Plant Completed

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Xcel Energy and SunPower Corp. announced the completion and commissioning of a 19-megawatt photovoltaic solar power plant in Colorado's Alamosa County. The Greater Sandhill solar power plant began generating power on December 22, 2010 and is currently the largest operating PV solar power plant in Colorado.

Greater Sandhill is generating enough power to serve the annual electricity needs of nearly 5,000 homes.  Greater Sandhill was constructed in nine months, creating more than 100 jobs during construction.

"Xcel Energy is pleased to provide solar energy from Greater Sandhill to our customers and eagerly anticipates adding more solar power in the San Luis Valley in the near future. This shows Xcel Energy's commitment to working in the Valley to bring clean renewable energy to Xcel Energy customers throughout the state," said Tom Imbler, vice president, commercial operations for Xcel Energy. "Our partnership with SunPower is vital in reaching our renewable energy goals at a reasonable cost to our customers."

The plant uses SunPower® Tracker systems, which generate up to 25 percent more energy than conventional systems while reducing land-use requirements. SunPower Trackers tilt toward the sun as it moves across the sky, increasing energy capture and providing more power on hot summer days when utilities need it most.

"SunPower's high-efficiency solar PV technology is competitively-priced for power plant applications, fast to install, and reliably delivers clean power, particularly during peak demand hours," said Howard Wenger, president of SunPower's utility and power plants business group. "We congratulate Xcel Energy for providing leadership in the promotion of large scale solar power development, and for demonstrating how renewable technologies are part of the solution to ensure the health of our economy and our environment."

MetLife and John Hancock Financial Services financed the third-party ownership of the plant.

SunPower is also constructing a 30-megawatt photovoltaic solar power plant, the San Luis Valley Solar Ranch, on 216 acres of private, former agricultural land in Alamosa County. Expected to be fully operational by the end of 2011, construction began at the end of 2010 and is creating approximately 100 jobs.

Iberdrola Renewables developed, owns and will operate the San Luis Valley Solar Ranch, and contracted with SunPower to provide the technology and construct the project. The company will sell the electricity under a long term contract to Xcel Energy, for distribution on the region's utility grid. In addition to employment opportunities, the project will provide revenue for schools, health, fire, and other critical services in Alamosa County.  

About Xcel Energy

Xcel Energy is a major U.S. electricity and natural gas company that provides a comprehensive portfolio of energy-related products and services to 3.4 million electricity customers and 1.9 million natural gas customers through its regulated operating companies in eight Western and Midwestern states. Company headquarters are located in Minneapolis. More information is available at www.xcelenergy.com.

About SunPower Corp.

Founded in 1985, SunPower Corp. designs, manufactures and delivers the planet's most powerful solar technology broadly available today. Residential, business, government and utility customers rely on the company's experience and proven results to maximize return on investment. With headquarters 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 "will," "expected" and similar expressions to identify forward-looking statements in this press release, including forward-looking statements regarding the expected completion date of the San Luis Valley Solar Ranch power plant by the end of 2011. 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 in the project implementation process; (ii) the risk of continuation of supply of products and components from suppliers; (iii) unanticipated problems with deploying the system on the site; and (iv) other risks described in the company's Annual Report on Form 10-K for the year ended January 2, 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.

SOURCE: SunPower Corp.
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