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TheStreet Open House

Hawaiian Electric And SunPower Sign Solar Power Agreement

Stocks in this article: HE

According to estimates provided by the U.S. Environmental Protection Agency, the solar farm will produce enough renewable power to avoid almost 11,000 tons of carbon dioxide emissions per year, equivalent to removing 37,600 cars from Hawaii's roads over the 20-year term of the power purchase agreement.

The price per kilowatt-hour in the fixed-price, as-available contract is comparable to a similar recently completed solar facility agreement and is lower than the proposed price for the third tier of Hawaii's Feed-in Tariff.

On Oahu, this project joins a growing portfolio of renewable resources, including: an expanding waste-to-energy plant; a waste gasification plant in development; a new wind farm; other solar farms under development; renewable projects existing and being developed under the Feed-in Tariff and an enlarged Net Energy Metering program; as well as biofueling of new and existing power plants.

SunPower Corp. (Nasdaq: SPWRA, SPWRB) 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.

Hawaiian Electric Company and its subsidiaries, Maui Electric Company and Hawaii Electric Light Company, serve more than 400,000 customers on the islands of Oahu, Hawaii, Maui, Lanai and Molokai, home to 95% of Hawaii's people. It is a subsidiary of Hawaiian Electric Industries (NYSE: HE). For more information, visit www.heco.com.

SunPower is a registered trademark of SunPower Corp. All other trademarks are the property of their respective owners.

SOURCE SunPower Corp.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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