SAN LUIS OBISPO, Calif.,
Nov. 2, 2011 /PRNewswire/
-- SunPower Corp. (NASDAQ: SPWRA, SPWRB) announced today an
agreement with North County Watch and Carrizo Commons to settle and
dismiss a lawsuit against the 250-megawatt California Valley Solar
Ranch (CVSR) project, currently under construction in San Luis Obispo County, Calif.
Under the settlement agreement, SunPower has agreed that the use
of the site for the CVSR project will not extend further than 50
years and that the decommissioning and restoration of habitat at
the site will occur by that time. In addition, the agreement
provides for enhanced communication and collaboration regarding
mitigation and monitoring activities during the construction of the
project, funding of research on endangered species, and support for
the development of a long-term vision for the Carrizo Plain.
The settlement agreement builds on and strengthens prior
commitments by SunPower for the preservation of more than 9,000
acres of land in and around the Carrizo Plain.
About California Valley Solar Ranch
California Valley Solar Ranch is owned by NRG Solar, a
subsidiary of NRG Energy, Inc. (NYSE: NRG). SunPower developed the
power plant, and will complete the project's design and
construction, working with Bechtel, which is providing balance of
plant engineering and procurement services and construction
services. When complete, the project will be one of the largest
photovoltaic (PV) solar power plants in the world. CVSR is expected
to create 350 jobs during construction and will power approximately
100,000 homes when fully operational. Clean, renewable power from
CVSR will be sold to PG&E through 25-year power purchase
agreements that have been approved by the California Public
Utilities Commission. For more information about CVSR, please
see www.californiavalleysolarranch.com.
About North County Watch
Established in 2001, North County Watch is a 501 (c)(3)
California non-profit corporation committed to balanced and
responsible development in and around San Luis Obispo County.
Its purpose is to promote economic and environmental policies that
maintain and enhance the uniqueness of our community.
About Carrizo Commons
Carrizo Commons is an association of community groups,
environmental and resource entities, schools, businesses, and
individuals who share an interest and commitment in protecting,
conserving, and supporting responsible stewardship of the Carrizo
Plain. For more information, please see www.carrizocommons.org.
SunPower 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. The company uses words and phrases such as "expected,"
"will," and similar expressions to identify forward-looking
statements in this release, including forward-looking statements
regarding: (a) SunPower's expected completion of project
design and construction for CVSR; and (b) CVSR power to be sold to
PG&E through a 25-year power purchase agreement. Such
forward-looking statements are based on information available to
the company as of the date of this release and involve a number of
risks and uncertainties, some beyond the company'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) the company's ability to
obtain and maintain an adequate supply of raw materials,
components, and solar panels; (ii) general business and economic
conditions, including seasonality of the solar industry and growth
trends in the solar industry; (iii) construction difficulties
or potential delays, including obtaining land use rights, permits,
license, other governmental approvals, and transmission access and
upgrades, and any litigation relating thereto; (iv) the
availability of financing arrangements and the company's ability to
obtain additional financing; (v) increasing competition in the
industry and lower average selling prices, and impact on gross
margin; (vi) timeline for revenue recognition and the impact on the
company's operating results; (vii) the company's success in
completing the design and construction of CVSR; and (viii) other
risks described in the company's Annual Report on Form 10-K for the
year ended January 2, 2011, Quarterly
Report on Form 10-Q for the quarter ended July 3, 2011 and other filings with the
Securities and Exchange Commission. These forward-looking
statements should not be relied upon as representing the company's
views as of any subsequent date, and the company 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 a registered trademark of SunPower Corp.
All other trademarks are the property of their respective
owners.
SOURCE SunPower Corp.