Toyota and SunPower Complete Largest Single-Roof Solar Installation in North America
ONTARIO, Calif. and SAN JOSE, Calif., Sept 24, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Toyota and SunPower Corporation (Nasdaq: SPWR), a manufacturer of high-efficiency solar cells, solar panels and solar systems, today announced the completion of the largest single-roof solar power installation in North America. The 2.3-megawatt SunPower system will begin operation in early October at Toyota's North America Parts Center California (NAPCC) in Ontario, Calif.
Toyota expects the solar installation will provide nearly 60 percent of the total electricity needs for the 760,000-square foot NAPCC. The system covers more than 242,000 square feet of the NAPCC's roof and includes 10,417 solar modules, enough to cover more than four football fields. It is expected to avoid about 6.4 million pounds of carbon dioxide emissions annually, which is the equivalent to the emissions from the energy use of approximately 255 homes in a year.
"Toyota's Earth Charter challenges the company to pursue all possible environmental technologies in the pursuit of sustainable mobility," said Jim Lentz, president of Toyota Motor Sales, U.S.A., Inc. "That extends the company's environmental responsibilities beyond products to include our manufacturing plants and other facilities where sustainable and renewable energy sources such as solar power are increasingly important."
"Toyota is a global business leader in environmental sustainability," said Tom Werner, chief executive officer of SunPower. "The solar power generated by this system will reduce Toyota's operational costs at the Ontario facility immediately and over the long term, as electric utility rates continue to increase. Toyota understands that solar is affordable today as a means to improve the quality of our environment and promote local, clean, reliable power."
SunPower installed SunPower(R) T10 Solar Roof Tiles at the Toyota facility, equipped with SunPower solar panels, the most efficient solar panels available on the market today. T10 Solar Roof Tiles are non-roof penetrating and tilt at a 10-degree angle to increase energy capture.
Toyota will purchase the electricity generated from the system from GE Energy Financial under the SunPower Access(TM) power purchase agreement (PPA) program. GE Energy Financial will finance, own and operate solar power systems, providing Toyota with immediate savings and a long-term hedge against rising peak power prices. Toyota owns the renewable energy credits associated with the system.
The NAPCC is not Toyota's first foray into solar power. The company's South Campus headquarters building in Torrance, Calif., featured one of the largest privately funded systems of its kind when it opened in 2003. Also built by SunPower, the system covers 53,000 square feet of rooftop.
Toyota Motor Sales (TMS), U.S.A., Inc. is the marketing, sales, distribution and customer service arm of Toyota, Lexus and Scion. Established in 1957, TMS markets products and services through a network of more than 1,450 Toyota, Lexus and Scion dealers. Toyota directly employs over 35,000 people in the U.S. and sold more than 2.6 million vehicles in 2007. For more information about our company, please visit http://www.toyota.com/, http://www.lexus.com/ and http://www.scion.com/.
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, Australia, and Asia. For more information, visit http://www.sunpowercorp.com. SunPower is a majority-owned subsidiary of Cypress Semiconductor Corp. (NYSE: CY).
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 companies use words and phrases such as "will," "expects," "is expected," and similar expressions to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, the companies' plans and expectations regarding: (a) the system beginning operations in October; (b) the solar installation providing nearly 60 percent of the total electricity needs for the 760,000-square foot NAPCC; (c) Toyota avoiding about 6.4 million pounds of carbon dioxide emissions annually, which is the equivalent to the CO2 emissions from the energy use of 255 homes in a year; and (d) the system reducing Toyota's operational costs at the Ontario facility immediately and over the long term, as electric utility rates continue to increase. These forward-looking statements are based on information available to the companies 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 companies' control. In particular, risks and uncertainties that could cause actual results to differ include: (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; (v) actual electricity generation; (vi) the actual energy consumption rate; (vii) unexpected changes in utility service rates; (viii) variations in actual carbon dioxide emissions; and (ix) other risks described in SunPower's Quarterly Report on Form 10-Q for the quarter ended June 29, 2008, and other filings with the Securities and Exchange Commission. 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 disclaim any responsibility to, update or alter their forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE SunPower Corporation
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