Stamford, CT, & San Jose, CA, Jan. 7, 2008 — GE Energy Financial Services, a unit of GE, announced that it is partnering with SunPower Corp., a manufacturer of solar cells, solar panels, and solar systems, to provide financing for five California solar power projects. The projects total approximately eight megawatts.
Formed in the spirit of GE’s ecomagination program, the joint venture streamlines the implementation of large commercial and public solar power systems. It also helps California meet the goals of the California Solar Initiative to generate 3,000 megawatts of new, solar-produced electricity by 2017.
GE Energy Financial Services is acquiring a majority equity interest in the five solar photovoltaic projects, which SunPower will design and build, operate and maintain. GE Energy Financial Services will finance and own the systems under the SunPower Access power purchase agreement program, which allows customers to take advantage of the environmental and financial benefits of solar power with no upfront capital costs. The solar electricity will be competitively priced against retail rates. Construction of the projects is scheduled to begin in February and be completed by the end of the year. Financial details of the transaction were not disclosed.
The five solar projects are:
* Toyota Motor Sales USA Inc., Ontario, CA: A 2.3-megawatt rooftop solar power system at the Toyota Motor Sales USA Ontario Parts Center.
* HP, San Diego, CA: A one-megawatt rooftop system serving an eight-building printing technology R&D facility. The project will use the patented SunPower T10 Solar Roof Tile commercial roof system, a non-penetrating solar system that tilts at a 10-degree angle, to increase energy capture.
* Agilent Technologies, Santa Rosa, CA: A one-megawatt solar tracking system installed atop a canopy structure in the Agilent campus parking lot, providing both shade in the lot and solar electric power for the facility.
* Lake County, CA: Ground-mounted solar systems at three sites, serving a correctional facility in Lakeport and two wastewater treatment plants in Lakeport and Clearlake, totaling 2.4 megawatts. The project will provide 85 percent of the power required by the county’s correctional facility.
* Rancho California Water District, Murrieta, CA: A one-megawatt ground-mounted system, covering 10 acres. The project will use the patented SunPower T20 Tracker, which follows the sun throughout the day and delivers up to 30 percent more energy than traditional fixed-tilt ground systems.
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