SunPower, MMA Renewable Ventures Dedicate 584-Kilowatt Solar Electric System for City of Thousand Oaks
14 Maggio 2008 - 2:00PM
PR Newswire (US)
Hill Canyon Water Treatment Plant Will Save $100,000 Annually in
Utility Costs THOUSAND OAKS, Calif., May 14 /PRNewswire-FirstCall/
-- SunPower Corporation (NASDAQ:SPWR), a Silicon Valley-based
manufacturer of high-efficiency solar cells, solar panels and solar
systems, and MMA Renewable Ventures, owner and operator of
renewable energy facilities, today dedicated a 584-kilowatt solar
electric power system at the City of Thousand Oaks' Hill Canyon
Water Treatment Plant. In addition to the solar power system, the
Hill Canyon Water Treatment Plant installed a cogeneration system
and numerous energy efficiency upgrades. As a result of these
measures, the City of Thousand Oaks expects to save $100,000 in
utility costs each year and estimates a reduction in carbon dioxide
emissions of more than 10,000 tons over the next 30 years, which is
equivalent to planting 2,820 acres of trees or not driving 25
million miles on our roads. "The City of Thousand Oaks City Council
is committed to improving the quality of life for our community,"
said Thousand Oaks Mayor Jacqui Irwin. "Working with MMA Renewable
Ventures and SunPower, we are able to maximize energy cost
reductions and lower the overall amount of energy we use from
conventional sources. With no initial out-of-pocket investment, the
two companies have made solar power affordable today." MMA
Renewable Ventures will finance, own and operate the solar power
system at the Hill Canyon Water Treatment Plant under the SunPower
Access(TM) program, which allows SunPower customers to purchase
solar-generated electricity from a SunPower financing partner as an
alternative to outright purchase of the solar power systems. The
City of Thousand Oaks will pay MMA Renewable Ventures for the solar
electricity generated over the next 20 years. The electricity is
competitively priced against retail rates, providing a long-term
hedge against rising peak power prices. At the end of the term, the
City will have the option to renew the agreement, transfer the
equipment to a new site, or purchase the system outright. "The City
of Thousand Oaks selected an innovative financing structure to
effectively meet its financial goals and environmental objectives,"
said Matt Cheney, chief executive officer of MMA Renewable
Ventures. "With its forward-thinking approach and commitment to
clean energy, the City is demonstrating that solar power is an
affordable option for public agencies concerned with reducing
carbon emissions." "The Hill Canyon Water Treatment plant is making
innovative use of a previously unused asset -- an existing
concrete-lined overflow basin -- to site its solar system and
generate clean, renewable on-site electricity," said Kevin Ross,
SunPower project development manager. "They also chose to maximize
energy production by utilizing high-efficiency SunPower solar
panels and the proprietary SunPower(R) Tracker solar tracking
system. The Tracker follows the sun as it moves across the sky,
delivering up to 25 percent more energy than fixed-tilt systems.
SunPower solar panels are up to 50 percent more efficient than
competing, conventional solar panels." About MMA Renewable Ventures
A wholly-owned subsidiary of Municipal Mortgage & Equity, LLC
("MuniMae"), (Pink Sheets: MMAB), MMA Renewable Ventures finances,
owns and operates renewable energy and energy efficiency assets in
the United States. The Company provides leases, Power Purchase
Agreements (PPAs) and other customized financial solutions to help
its customers manage energy costs. MMA Renewable Ventures is
dedicated to delivering competitively priced, clean energy and
energy savings to customers, strong partnership options for project
developers, and exceptional opportunities for institutional
investment in the clean energy sector. For more information about
MMA Renewable Ventures, visit http://www.mmarenewableventures.com/.
About SunPower SunPower Corporation (NASDAQ:SPWR) designs,
manufactures and delivers high-performance solar electric systems
worldwide for residential, commercial and utility-scale power plant
customers. SunPower high-efficiency solar cells and solar panels
generate up to 50 percent more power than conventional solar
technologies and have a uniquely attractive, all-black appearance.
With headquarters in San Jose, Calif., SunPower has offices in
North America, Europe and Asia. For more information, visit
http://www.sunpowercorp.com/. SunPower is a majority-owned
subsidiary of Cypress Semiconductor Corp. (NYSE:CY).
Forward-Looking Statement This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward-looking statements are statements that do not
represent historical facts. The company uses words and phrases such
as "will," "expects," "estimates," and similar expressions to
identify forward-looking statements. Forward-looking statements in
this press release include, but are not limited to, the company's
plans and expectations regarding (a) saving $100,000 annually in
utility costs; and (b) reducing carbon dioxide emissions by more
than 10,000 tons over the next 30 years, which is the equivalent to
planting 2,820 acres of trees or not driving 25 million miles.
These forward-looking statements are based on information available
to the company as of the date of this release and management's
current expectations, forecasts and assumptions, and involve a
number of risks and uncertainties that could cause actual results
to differ materially from those anticipated by these
forward-looking statements. Such risks and uncertainties include a
variety of factors, some of which are beyond the company's control.
In particular, risks and uncertainties that could cause actual
results to differ include (i) the actual energy consumption rate;
(ii) unexpected changes in utility service rates; (iii) variations
in carbon dioxide emissions reductions; and (iv) other risks
described in the company's Quarterly Report on Form 10-Q for the
quarter ended March 30, 2008, 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. Cypress is a registered trademark of Cypress
Semiconductor Corp. All other trademarks are the property of their
respective owners. DATASOURCE: SunPower Corporation CONTACT:
Rosalind Jackson of Antenna Group, +1-415-977-1923, , for SunPower;
or Ingrid Ekstrom of SunPower, +1-510-868-1368, Web site:
http://www.sunpowercorp.com/ http://www.mmarenewableventures.com/
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