The two new systems, which SunPower designed, built and will operate and maintain, are both financed under power purchase agreements. The public agencies will buy the electricity at prices that are competitive with retail rates, benefiting from a long-term hedge against rising power prices. The City of Oceanside owns the renewable energy credits (RECs) associated with the solar installation at its facility, while Western Municipal Water District is not retaining the RECs associated with its new system .
"Based on the quality and reliability of our first SunPower system and the company's extensive experience with water districts across the state, we were eager to partner with SunPower on our second solar power system," said Jeff Sims, deputy general manager, of Western Municipal Water District. "The new system will generate the equivalent of approximately 75 percent of the total electricity consumed at our facility, helping to keep rates as low as possible for our customers."
About 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, Africa and Asia. For more information, visit www.sunpowercorp.com.SunPower is a registered trademark of SunPower Corp. All other trademarks are the property of their respective owners. SOURCE SunPower Corp.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts