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MidAmerican Solar Acquires World's Largest Solar Development From SunPower

SunPower's Forward-Looking StatementsThis 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," "scheduled to," "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, (b) SunPower completing the engineering, procurement and construction ("EPC") for the projects and operating and maintaining the projects, and (c) schedule to begin construction of the projects in the first quarter of 2013 and 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) events that prevent or delay notices to proceed from being issued for one of the projects; (xiv) SunPower's ability to decrease the amount of its performance security for the projects and its ability to meet other security or financial obligations; (xv) SunPower's ability to meet its warranty obligations and other performance guarantees, as planned; (xvi) the timeline of revenue recognition for the projects, including its impact on SunPower's operating results; and (xvii) other risks described in SunPower's Annual Report on Form 10-K for the year ended January 1, 2012 and Quarterly Reports on Form 10-Q for the quarters ended April 1, 2012, July 1, 2012 and September 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.

SunPower is the 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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