| SunPower to Build Solar PV Plant in Cochise County, AZ | |
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SunPower Corp. SPWR signed a 20-year power purchase agreement with Sulphur Springs Valley Electric Cooperative (“SSVEC”) under which it will build a 20-megawatt (“MW”) (AC) solar photovoltaic (“PV”) power plant in Cochise County, AZ.
The plant is expected to be operational by the end of 2016 and will generate enough power to meet the needs of about 4,500 homes. Construction of the plant will likely begin in early 2016, creating about 125 jobs.
A non-profit, member-owned distribution cooperative, SSVEC supplies electricity to 51,000 services. Its service territory spans across parts of Cochise, Graham, Pima and Santa Cruz counties.
With this agreement, SunPower will help the cooperative to attain about 95% of the renewable energy goal established by the Arizona Corporation Commission by 2025.
SunPower also has plans to design and build a SunPower Oasis Power Plant system at the site. This system is the company’s fully integrated, modular solar power block solution for utility-scale solar projects mainly to optimize land use and is engineered for rapid, cost-effective installation.
The company is expected to drop down the project to 8point3 Energy Partners LP CAFD, its YieldCo joint venture with First Solar Inc. FSLR. The formation of 8point3 Energy will lower the company’s cost of capital significantly and in turn boost shareholder value.
SunPower is one of the most forward-integrated solar companies, having over a decade-long experience in designing, manufacturing and supplying large-scale solar systems. The company is gradually shifting its revenue base from solar panel sales to the development of solar projects, power plants and engineering, procurement and construction systems.
SunPower holds a Zacks Rank #3 (Hold). A better-ranked stock in the solar space include JA Solar Holdings Co., Ltd. JASO, carrying a Zacks Rank #1 (Strong Buy).
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SunPower is a producing company based in United states of america. SunPower is listed in Germany and in United States of America. Its market capitalisation is US$ 287.8 millions as of today (€ 268.5 millions). Its stock quote reached its highest recent level on January 18, 2008 at US$ 99.99, and its lowest recent point on May 02, 2024 at US$ 2.08. SunPower has 138 700 000 shares outstanding. |