SunPower Installing Solar Systems on Six San Ramon Valley Schools

ARRA-funded Solar Power Systems Will Offset an Average of 80 Percent of Electricity Costs

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May 28, 2010, 01:45 ET

SAN JOSE, Calif., May 28 /PRNewswire-FirstCall/ -- In a unanimous vote earlier this week, the San Ramon Valley Unified School District (SRVUSD) board of education approved a contract with SunPower Corp. (Nasdaq: SPWRA, SPWRB) to install high efficiency solar power systems totaling more than 3 megawatts at six schools in the district. The purchase of the systems will be financed using low interest Qualified School Construction Bonds (QSCBs) available as a result of the federal American Recovery and Reinvestment Act of 2009 (ARRA). The solar power generated by the systems is expected to offset an average of 80 percent of the electricity costs at each school, achieving an estimated savings of more than $2 million for the district in the first year.

"Our Board studied this carefully and was very thoughtful in its decision to bring a solar initiative into our district and to select SunPower as the provider," said District Superintendent Steve Enoch. "We are confident that we are getting the most value over the minimum expected 25-year lifetime of these systems. We truly believe that we can maximize savings through these systems, while at the same time modeling thoughtful stewardship of our environment for our students and the community by producing clean, renewable solar power at our schools."

"The San Ramon Valley Unified School District is wisely leveraging funding provided by the federal government to deliver clean energy to their schools, while dramatically lowering long-term operational costs," said Bill Kelly, managing director at SunPower. "We are very pleased to work with the district, and congratulate them on their significant commitment to renewable, emission-free solar power."

At the six schools (including California High School, Dougherty Valley High School, Monte Vista High School, San Ramon Valley High School, Diablo Vista Middle School and Gale Ranch Middle School), SunPower will be installing solar carport tracking systems that provide shade as well as generate solar electric power. SunPower E-Series solar panels, the most efficient solar panels commercially available, will be mounted on the trackers, which will follow the sun throughout the day, increasing sunlight capture over conventional fixed-tilt systems, while significantly reducing land use requirements. The solar panels will be manufactured at SunPower's new panel manufacturing facility in Milpitas, Calif., less than one hour's drive from the district's schools. Construction will be complete by the end of next year.

SunPower will also be partnering with the district to provide lesson plans on energy, and use the systems as educational tools to help students understand solar power.

SunPower has more than 550 solar power systems in operation or under contract globally. In the last year in California, educational customers have included the Los Angeles Unified School District, University of California, Merced, and Mendocino College.

About San Ramon Valley Unified School District

The San Ramon Valley Unified School District encompasses the communities of Alamo, Blackhawk, Danville, Diablo, and San Ramon (including the new Dougherty Valley communities) as well as a small portion of the cities of Walnut Creek and Pleasanton. The district is comprised of 34 schools serving more than 28,000 students in Kindergarten through Grade 12.

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 "will," "expected," "believe," and "lowering" to identify forward-looking statements in this press release, including forward-looking statements regarding: (a) energy efficiency and savings; (b) environmental benefits; (c) financing; (d) product lifetime; (e) completion of the company's manufacturing facility in Milpitas, California; and (f) construction schedule. 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) actual electricity generation; (ii) the actual energy consumption rate; (iii) unexpected changes in utility service rates; (iv) the continuation of governmental and related economic incentives promoting the use of solar power; (v) the availability of third-party financing arrangements for the company's customers; (vi) construction difficulties or potential delays, including time for necessary permits, licenses or other governmental approvals; (vii) the company's ability to ramp new production lines and realize expected manufacturing efficiencies; (viii) manufacturing difficulties that could arise; (ix) the risk of continuation of supply of products and components from suppliers; (x) unanticipated problems with deploying the system on the sites; and (xi) other risks described in the company's Annual Report on Form 10-K for the year ended January 3, 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.