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January 8, 2008 – Vol. 12 No. 42 GE Energy Financial Services, SunPower Corporation, Partner on Five California Solar Power Projects. GE will provide financing for projects totaling approximately eight megawatts of power. The five solar projects are: ---Toyota Motor Sales, USA, Inc., Ontario, California: A 2.3-megawatt rooftop solar power system at the Toyota Motor Sales, USA Ontario Parts Center. The new system will be the largest single-roof solar power installation in the United States. --- HP , San Diego: A one-megawatt rooftop system serving an eight-building printing technology R&D facility. The project will use the patented SunPower (R) T10 Solar Roof Tile commercial roof system, a non-penetrating solar system that tilts at a 10-degree angle, to increase energy capture. --- Agilent Technologies, Santa Rosa, California: A one-megawatt solar tracking system installed atop a canopy structure in the Agilent campus parking lot, providing both shade in the lot and solar electric power for the facility. --- Lake County, California: Ground-mounted solar systems at three sites, serving a correctional facility in Lakeport and two wastewater treatment plants in Lakeport and Clearlake, totaling 2.4 megawatts. The project will provide 85 percent of the power required by the county’s correctional facility. --- Rancho California Water District, Murrieta, California: A one-megawatt ground-mounted system, covering 10 acres. The project will use the patented SunPower (R) T20 Tracker, which follows the sun throughout the day and delivers up to 30 percent more energy than traditional fixed-tilt ground systems.
GE Energy Financial Services is acquiring a majority equity interest in the projects, which SunPower will design and build, operate and maintain. GE Energy Financial Services will finance and own the systems under the SunPower Access power purchase agreement program, which allows customers to take advantage of the environmental and financial benefits of solar power with no upfront capital costs. The solar electricity will be competitively priced against retail rates, providing customers a long-term hedge against rising peak power prices. Construction of the projects is scheduled to begin in February and be completed by the end of the year. Financial details of the transaction were not disclosed. SunPower Corporation designs, manufactures and delivers high-performance solar electric systems worldwide for residential, commercial and utility-scale power plant customers. GE Energy Financial Services, based in Stamford, Connecticut, with $16 billion in assets, invests more than $5 billion annually in two of the world’s most capital-intensive industries, energy and water. In renewable energy, GE Energy Financial Services is growing its portfolio of more than $2 billion in assets in wind, solar, biomass, hydro and geothermal power. (1/8/08)
Links: SunPower Corporation GE Energy Financial Services
Disclaimer, Forward-Looking or Safe Harbor Statement on original press release: Yes
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