MetLife and John Hancock Finance SunPower's 19-Megawatt Xcel Energy Solar Power Plant in Colorado
February 24 2010 - 4:05PM
PR Newswire (US)
Largest solar power plant in Colorado to begin production in 2010
SAN JOSE, Calif., Feb. 24 /PRNewswire-FirstCall/ -- MetLife and
John Hancock Financial Services will finance the construction and
third-party ownership of a 19-megawatt (AC) solar photovoltaic (PV)
power plant that SunPower Corp. (NASDAQ:SPWRANASDAQ:SPWRB) is
contracted to build for Xcel Energy in Colorado's Alamosa County,
the companies announced today. Construction on the plant, which
will be the largest solar power plant in Colorado, will begin this
spring, with operations expected to commence before the end of the
year. Approximately 100 jobs will be created during construction.
"Solar PV is a fast, flexible way for us to meet the wishes of our
Colorado customers for more renewable, clean energy sources," said
David Eves, president and CEO for Public Service Co. of Colorado,
an Xcel Energy company. "This agreement helps guarantee the future
of this project and will help Xcel Energy in meeting the solar
component of Colorado's renewable energy standard." "MetLife
recognizes the importance of investing in renewable energy ventures
that will have a positive impact on the environment," said Steve
Kandarian, executive vice president and chief investment officer
for MetLife. "This project builds upon the more than $1 billion
that MetLife has already invested in renewable energy projects. It
also demonstrates our commitment to support growth in the solar
energy market by making it easier and more affordable for
businesses and public entities to benefit from solar electricity."
"John Hancock is delighted to continue our work financing large
scale solar power in the U.S. with this major project that brings
together such first class partners," said John Anderson, senior
managing director and head of John Hancock's Power and
Infrastructure Group. "The project finance teams at John Hancock
and our parent company, Manulife Financial, have a portfolio of
renewable energy financings that includes more than $2 billion of
projects in the U.S. and Canada. We look forward to the successful
completion of the solar power plant in Alamosa later this year."
The plant will use SunPower® T20 Tracker systems, which tilt toward
the sun as it moves across the sky, increasing energy capture and
providing more power on hot summer days when utilities need it
most. SunPower Trackers generate up to 30 percent more energy per
land area than conventional systems and, therefore, reduce land-use
requirements. "Today, high-efficiency solar PV technology is
competitively priced for power plant applications. It's fast to
install, and delivers clean, renewable solar power during the times
of day when demand is at its peak," said SunPower CEO Tom Werner.
"As a result of their investment, MetLife and Hancock are part of
the solution to ensure the health of our economy and our
environment. We are thrilled to initiate this relationship with
such sophisticated, long-term investors." CP Energy Group served as
an advisor to MetLife on the transaction. About SunPower Corp.
Founded in 1985, SunPower Corp. (NASDAQ:SPWRANASDAQ:SPWRB) designs,
manufactures and delivers the planet's most powerful solar
technology broadly available today. Residential, business,
government and utility customers rely on the company's experience
and proven results to maximize return on investment. With
headquarters in San Jose, Calif., SunPower has offices in North
America, Europe, Australia and Asia. For more information, visit
http://www.sunpowercorp.com/. About MetLife MetLife (MetLife
Investors USA Insurance Company) is a subsidiary of MetLife, Inc.
(NYSE:MET), a leading provider of insurance, employee benefits and
financial services with operations throughout the United States and
the Latin America, Europe and Asia Pacific regions. Through its
subsidiaries and affiliates, MetLife, Inc. reaches more than 70
million customers around the world and MetLife is the largest life
insurer in the United States (based on life insurance in-force).
The MetLife companies offer life insurance, annuities, auto and
home insurance, retail banking and other financial services to
individuals, as well as group insurance and retirement and savings
products and services to corporations and other institutions. For
more information, visit http://www.metlife.com/. About John Hancock
Financial and Manulife Financial Corporation John Hancock Financial
is a unit of Manulife Financial Corporation, a leading
Canadian-based financial services group serving millions of
customers in 22 countries and territories worldwide. Operating as
Manulife Financial in Canada and in most of Asia, and primarily as
John Hancock in the United States, Manulife Financial Corporation
offers clients a diverse range of financial protection products and
wealth management services through its extensive network of
employees, agents and distribution partners. Funds under management
by Manulife Financial and its subsidiaries were $440 billion
(US$420 billion) as of December 31, 2009. Manulife Financial
Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under
'945' on the SEHK. Manulife Financial can be found on the Internet
at http://www.manulife.com/. The John Hancock unit, through its
insurance companies, comprises one of the largest life insurers in
the United States. John Hancock offers a broad range of financial
products and services, including life insurance, fixed and variable
annuities, fixed products, mutual funds, 401(k) plans, long-term
care insurance, college savings, and other forms of business
insurance. Additional information about John Hancock may be found
at http://www.johnhancock.com/. 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. This
document uses words and phrases such as "to build," "will,"
"expected" and "helps guarantee" to identify forward-looking
statements in this press release, including forward-looking
statements regarding: (a) MetLife and John Hancock Financial
Services financing and SunPower constructing a 19MW power plant;
(b) relative size of the power plant; (c) construction schedule;
(d) job creation; (e) Xcel Energy meeting the solar component of
Colorado's renewable energy standard. Such forward-looking
statements are based on information available to SunPower as of the
date of this release and involve a number of risks and
uncertainties, some beyond its control, that could cause actual
results to differ materially from those anticipated by these
forward-looking statements, including, but not limited to, risks
and uncertainties such as: (i) construction difficulties or
potential delays in the project implementation process; (ii)
unanticipated delays or difficulties securing necessary permits,
licenses or other governmental approvals; (iii) the risk of
continuation of supply of products and components from suppliers;
(iv) unanticipated problems with deploying the system on the sites;
and (v) actual electricity generation. These forward-looking
statements should not be relied upon as representing the companies'
views as of any subsequent date, and the companies are under no
obligation to, and expressly disclaims any responsibility to,
update or alter their 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. DATASOURCE: SunPower Corp.
CONTACT: Ingrid Ekstrom of SunPower Corp., +1-510-260-8368, ; or
Emily Phillips of MetLife, +1-212-578-7217, ; or Brian Carmichael
of John Hancock Financial, +1-617-663-4748, Web Site:
http://www.sunpowercorp.com/ http://www.metlife.com/
http://www.johnhancock.com/
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