SunPower, Wells Fargo team for $ 100-million solar projects
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SunPower and Wells Fargo announced on June 29 a collaboration of up to $100 million in new commercial-scale solar energy projects. Images courtesy of SunPower Corporation and Wells FargoAmerican solar manufacturer SunPower and financier Wells Fargo announced on June 29 a collaboration of up to $100 million in new commercial-scale solar energy projects throughout the United States.
Under the terms of their agreement, SunPower will enter into power purchase agreements with varied customers, then design, build, operate, and maintain solar energy systems. Wells Fargo will be financing the new solar energy systems. Instead of owning the solar energy systems, customers will host the installations and buy the electricity generated by them from SunPower that are competitive to existing rates. This enables customers to maintain stable electricity prices over the long-term, have access to renewable energy, and take advantage of renewable energy incentives with no initial capital investment.
The initial projects under the collaboration include a 1.1-megawatt (MW) system at the University of California, Merced, and a 1 MW system at the Western Riverside County Regional Wastewater Authority. Both of the solar energy systems will be ground-mounted and use SunPower’s T20 Tracker technology that follows the movement of the sun, thereby increasing energy capture by up to 30% over fixed-tilt systems.
SunPower Corp. has installed more than 400 MW of generating capacity in more than 500 separate large-scale solar power systems around the world. SunPower is known for its all-black solar cells, and its proprietary SunPower Tracker technology. The company started using solar power purchase agreements in 2000.
SunPower Corporation is involved in manufacturing solar cells, designing solar power systems, and installing solar power systems for residential, commercial, and utility-scale customers. The company is headquartered in San Jose, California and has offices in North America, Europe, Australia, and Asia. SunPower is listed on the NASDAQ as SPWRA and SPWRB. SPWRA was down 2.01% on June 29 trading, closing at $26.27, while SPWRB was down 2.58%, closing at $23.41.
Diversified financial services company Wells Fargo & Company has provided more than $1.75 billion in financing for renewable energy projects since 2006, which includes 27 wind energy projects, 150 commercial-scale solar energy projects, and one utility-scale solar thermal project. Wells Fargo is backed by over $1.3 trillion in assets.
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Mike R. Lopez
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