DES MOINES, Iowa, & SAN JOSE, Calif.–(BUSINESS WIRE)–Today, MidAmerican Solar and SunPower Corp. (Nasdaq: SPWR) marked the
start of major construction at the Antelope Valley Solar Projects – two
projects co-located in Kern and Los Angeles counties in California –
with a community celebration. The 579-megawatt development will employ
approximately 650 workers during a three-year construction period;
generate more than $ 500 million in regional economic impact, the
majority of which will be generated during construction; and serve
California’s growing electricity demand with clean, renewable solar
power.
“The Antelope Valley Solar Projects are already creating needed jobs and
economic opportunity in local communities, while at the same time,
providing direct, long-term environmental benefits”
The Antelope Valley Solar Projects make up the world’s largest solar
power development under construction. When complete, the projects will
provide enough energy to power approximately 400,000 average California
homes.
“The Antelope Valley Solar Projects are already creating needed jobs and
economic opportunity in local communities, while at the same time,
providing direct, long-term environmental benefits,” said Paul Caudill,
president of MidAmerican Solar. “We look forward to continuing our
involvement in the Rosamond, Lancaster and Palmdale communities and, as
we move forward, in the surrounding areas. The MidAmerican Solar team is
committed to working hand-in-hand with the development’s neighbors and
stakeholders. We also look forward to providing a reliable source of
renewable energy to our customer Southern California Edison.”
“The start of construction on the Antelope Valley Solar Projects
underscores that solar is a reliable, cost-competitive energy source,”
said Howard Wenger, SunPower president, regions. “SunPower is proud to
partner with MidAmerican Solar and Southern California Edison on this
historic project, which is bringing critically needed jobs and economic
opportunity to California today and will generate abundant clean,
renewable power to the state over the long term.”
The Antelope Valley Solar Projects are owned by MidAmerican Solar.
SunPower designed and developed the projects and is the engineering,
procurement and construction contractor. SunPower also will provide
operations and maintenance services for the plants via a multiyear
services agreement.
The Antelope Valley Solar Projects will provide renewable energy to
Southern California Edison under two long-term power purchase contracts.
“Southern California Edison appreciates the opportunity to work with
MidAmerican Solar and SunPower to meet California’s renewable energy
goals and recognizes the start of construction as an important step on
that path,” said Steven Eisenberg, Southern California Edison’s vice
president of energy contracts.
At the 3,230-acre site, SunPower is installing the SunPower®
Oasis® Power Plant product, fully integrated, modular solar
technology that is engineered to rapidly deploy utility-scale solar
projects while minimizing land use. The Oasis product uses
high-efficiency SunPower solar panels mounted on SunPower® T0
Trackers, which position the panels to track the sun during the day,
increasing energy capture by up to 25 percent. Construction began in
January 2013 and is expected to be complete by year-end 2015.
Electricity generated by the projects will displace approximately
775,000 metric tons of carbon dioxide per year – the equivalent of
taking approximately 3 million cars off the road over the next 20 years.
MidAmerican Solar and SunPower representatives hosted today’s community
picnic and celebration at the project site west of Rosamond.
Representatives from both companies discussed the project’s construction
schedule, environmental values, technology and community-centered plans
for the future with more than 250 attendees. Local and state officials
also provided remarks about the development and renewable energy.
MidAmerican Solar
MidAmerican Solar, a subsidiary of
MidAmerican Renewables, is headquartered in Phoenix, Ariz. MidAmerican
Solar owns the 550-megawatt Topaz Solar Farms in San Luis Obispo County,
Calif., and has a 49 percent ownership interest in the 290-megawatt Agua
Caliente project in Yuma County, Ariz. In January 2013, MidAmerican
Solar acquired the 579-megawatt Antelope Valley Solar Projects, two
co-located projects in Kern and Los Angeles counties in California.
MidAmerican Renewables is a subsidiary of MidAmerican Energy Holdings
Company, a global energy provider. MidAmerican Renewables owns and
operates solar, wind, geothermal and hydro projects in the unregulated
renewables market. MidAmerican Renewables is headquartered in Des
Moines, Iowa. Information about MidAmerican Renewables and MidAmerican
Solar is available on the company’s website and its Twitter, Facebook
and YouTube pages, which can be accessed via www.midamericanrenewablesllc.com.
SunPower Corp.
SunPower Corp. (Nasdaq: SPWR) designs,
manufactures and delivers the highest efficiency, highest reliability
solar panels and systems available today. Residential, business,
government and utility customers rely on the company’s quarter century
of experience and guaranteed performance to provide maximum return on
investment throughout the life of the solar system. Headquartered in San
Jose, Calif., SunPower has offices in North America, Europe, Australia
and Asia. For more information, visit www.sunpowercorp.com.
SunPower’s 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. SunPower uses words and phrases such as “will,”
“expected to” and similar terms to identify forward-looking statements
in this press release, including forward-looking statements regarding
(a) the construction of the Antelope Valley Solar Projects and providing
energy to Southern California Edison under power purchase agreements,
(b) SunPower completing the engineering, procurement and construction
(“EPC”) for the projects and operating and maintaining the projects, and
(c) expected completion by year-end 2015. Such forward-looking
statements are based on information available to SunPower as of the date
of this report and involve a number of risks and uncertainties, some
beyond SunPower’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) unanticipated delays or
difficulties securing necessary permits, licenses or other governmental
approvals, or necessary land use rights and other third party consents,
and litigation related thereto; (ii) construction difficulties or
potential delays in the project development and implementation process;
(iii) early termination in the agreements between MidAmerican and
SunPower and/or its affiliates, including the EPC agreements for the
projects; (iv) the risk of continuation of supply of products and
components from suppliers; (v) unanticipated problems with deploying the
projects on the site, including engineering, design, procurement,
installation, construction, commissioning and warranty issues; (vi)
evolving law including permitting, financing, grid interconnection,
technical, and other customer or regulatory requirements, and SunPower’s
and MidAmerican’s ability to satisfy such requirements; (vii) general
business and economic conditions, and growth trends in the solar power
industry; (viii) the continuation of governmental and related economic
incentives promoting the use of solar power; (ix) construction
difficulties or potential delays in the project implementation and
completion process including those caused by force majeure events and
other factors; (x) changes in law impacting the federal investment tax
credit; (xi) MidAmerican’s ability to obtain project financing for the
projects and its ability to make timely payments to SunPower in
accordance with the agreed payment schedule for the projects; (xii)
timely receipt of the federal investment tax credit for the projects in
accordance with the expected schedule; (xiii) SunPower’s ability to
decrease the amount of its performance security for the projects and its
ability to meet other security or financial obligations; (xiv)
SunPower’s ability to meet its warranty obligations and other
performance guarantees, as planned; (xv) the timeline of revenue
recognition for the projects, including its impact on SunPower’s
operating results; and (xvi) other risks described in SunPower’s Annual
Report on Form 10-K for the year ended December 30, 2012 and other
filings with the Securities and Exchange Commission. These
forward-looking statements should not be relied upon as representing
SunPower’s views as of any subsequent date, and SunPower 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.
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