AE-AMD Renewable Energy And Tenesol/SunPower Begin Work On Two Solar Projects
In South Africa
JOHANNESBURG and SAN JOSE, California, Dec. 20, 2012
- Projects are Part of Government's IPP Procurement Program
JOHANNESBURG and SAN JOSE, California, Dec. 20, 2012 /PRNewswire/ --AE-AMD
Renewable Energy, a joint venture between the Spanish AMDA energia and the
South African Alt-E Technologies, and Tenesol, a SunPower company (NASDAQ:
SPWR), today announced two South African ground-mounted solar power projects
totaling 33 megawatts (MW). Both projects, which Tenesol will construct, are
located near Douglas, South Africa in the Northern Cape Province.
Herbert, a 22-MW project, has begun construction, and groundbreaking for the
11-MW Greefspan project will begin in the coming weeks. They are both part of
the South African government's Independent Power Producers Procurement Program
and completion for both projects is expected in the second quarter of 2014.
The last step in financing took place on Nov. 16 when final agreements were
signed-off by the South African Department of Energy.
"SunPower's successful track record of building solar power plants around the
world, coupled with Tenesol's historic presence in South Africa, will
positively impact this region," said SunPower Regions President Howard Wenger.
"These two solar power projects will generate local construction jobs and
deliver clean, reliable energy to the community."
Both systems will be owned by AE-AMD Renewable Energy in partnership with the
IDEAS Fund, an infrastructure fund managed by Old Mutual Investment Group of
South Africa that will also resell the electricity to Eskom upon completion of
the projects. Tenesol has a five percent share in the two projects.
The ground-mounted solar systems will feature 138,000 Tenesol TE 240
photovoltaic solar panels on single-axis trackers. The solar panels are being
produced at the Cape Town manufacturing facility which has been in operation
for more than a decade, and has 3BBBEE rating.
About Tenesol and SunPower For more than 28 years, Tenesol has been
engineering, designing, manufacturing, installing and operating solar energy
systems. Its services cover systems that produce or consume the energy they
generate (off-grid sites, electricity grid connected, solar water heating) for
customers around the globe. In January, Tenesol was acquired by SunPower Corp.
SunPower Corp. (NASDAQ: SPWR) designs, manufactures and delivers the highest
efficiency, highest reliability solar panels and systems available today.
Residential, business, government and utility customers rely on the company's
quarter century of experience and guaranteed performance to provide maximum
return on investment throughout the life of the solar system. Headquartered in
San Jose, Calif., SunPower has offices in North America, Europe, Australia,
Africa and Asia. For more information, visit www.sunpowercorp.co.za
SunPower Forward-Looking Statements This press release contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are statements that
do not represent historical facts. SunPower uses words and phrases such as
"will" "expected" and similar expressions to identify forward-looking
statements, including statements regarding: (a) Tenesol building two solar
power projects totaling 33 megawatts (MW); (b) the commencement of
construction of the Greefspan project; (c) completion of the projects in
second quarter 2014; and (d) Eskom purchasing the power produced after
completion. Such forward-looking statements are based on information available
to SunPower as of the date of this press release and involve a number of risks
and uncertainties, some beyond SunPower's control, that could cause actual
results to differ materially from those anticipated by these forward-looking
statements, including risks and uncertainties such as: (i) construction
difficulties or potential delays in the project implementation process,
including transmission access and upgrades; (ii) unanticipated delays or
difficulties securing necessary permits, licenses or other governmental
approvals, including approval of the contracts by government agencies, and
completing all environmental review and permits; (iii) the continuation of
existing and enactment of new economic incentives promoting the use of solar
power; (iv) the significant investment required to construct power plants and
the company's ability to sell or otherwise monetize power plants and recognize
revenue; (v) the inability to obtain financing necessary to complete the
construction of the projects; (vi) the risk of continuation of supply of
products and components from suppliers; (vii) unanticipated problems with
deploying the systems on the sites; (viii) actual electricity generation and
ability to sell the energy to Eskom; and (ix) other risks described in the
company's Annual Report on Form 10-K for the year ended January 1, 2012 and
Quarterly Reports on Form 10-Q for the quarters ended April 1, 2012, July 1,
2012 and September 30, 2012, 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.
Contact: Laurette Bessy, Tenesol/SunPower, +33-6-58-80-06-86,
email@example.com; or Adrien Mallet, AE-AMD, Business Development Manager,
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