SunPower and Iberdrola Renewables Sign Contract to Build 30-Megawatt Solar Power Plant in Colorado

SAN JOSE, Calif., Oct. 28 /PRNewswire/ -- SunPower Corp. (Nasdaq: SPWRA, SPWRB) today announced an agreement with Iberdrola Renewables to design and build a 30-megawatt photovoltaic (PV) solar power plant, the San Luis Valley Solar Ranch, on 216 acres of private, former agricultural land in Colorado's Alamosa County. Expected to be fully operational by the end of 2011, construction will begin this year and create approximately 100 jobs.

Iberdrola Renewables is developing the solar ranch, and will own and operate it. The company will sell the electricity under a long term contract to Xcel Energy, for distribution on the region's utility grid. The project will create employment opportunities and provide revenue for schools, health, fire, and other critical services in Alamosa County.  

"Partnering with skilled performers like SunPower is always vital when developing successful renewable energy projects," said Martin Mugica, executive vice president of Iberdrola Renewables. "Proven construction experience and established technology make for an excellent choice and allow Iberdrola Renewables to deliver reliable products to our customers."

The plant will use SunPower E19 solar panels, the most efficient solar panels on the market, mounted on SunPower® Tracker systems, which generate up to 25 percent more energy per land area than conventional systems and reduce land-use requirements. SunPower Trackers tilt the solar panels 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.

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

SunPower has more than 600 megawatts of large solar power systems installed or under contract worldwide.

About SunPower

Founded in 1985, SunPower Corp. (Nasdaq: SPWRA, SPWRB) 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 "expected" and "will" to identify forward-looking statements in this press release, including forward-looking statements regarding the expected starting and completion date of the solar power plant in San Luis Valley Solar Ranch. 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) unanticipated delays or difficulties securing necessary permits, licenses or other governmental approvals; (iii) the risk of continuation of supply of products and components from suppliers; (iv) unanticipated problems with deploying the system on the site; and (v) other risks described in the company's Annual Report on Form 10-K for the year ended January 3, 2010 and Quarterly Report on Form 10-Q for the quarter ended July 4, 2010, 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.

SOURCE SunPower Corp.