The two combined projects will form the largest permitted solar photovoltaic power development in the world.
Warren Buffett’s MidAmerican Energy Holdings Co. agreed to spend as much as US$2.5-billion to build two solar projects in California that are set to be the world’s largest photovoltaic development.
MidAmerican acquired the 579-megawatt Antelope Valley projects in Kern and Los Angeles counties from SunPower Corp., according to a statement today. MidAmerican will pay San Jose, California-based SunPower US$2-billion to US$2.5-billion for the projects and a three-year contract to build them. SunPower also will operate and maintain the projects under a multiyear agreement with MidAmerican.
Buffett has been increasing investment in wind and solar farms and last year formed a MidAmerican unit to support the projects it’s acquired, including the US$2.4-billion 550-megawatt Topaz solar farm in California. Chief Financial Officer Patrick Goodman said in November the company favors bets on renewable energy amid high utility valuations. California is the biggest U.S. solar market.
The sale gives panel-maker SunPower “a sizable captive demand channel for its modules which should help ensure the company maintains healthy factory utilization levels even if the oversupply conditions in the industry take longer than expected to be resolved,” Ben Kallo and Christopher M. Kovacs, analysts for Robert W. Baird & Co., said in a note Wednesday.
Ingrid Ekstrom, a spokeswoman for SunPower, declined to specify how much of the total amount being spent is construction costs and how much is the purchase price. SunPower is 66% owned by France’s Total SA, according to data compiled by Bloomberg.
2015 Completion
Construction of the Antelope Valley project is due to begin this quarter, with completion by the end of 2015, SunPower said in a filing with the U.S. Securities and Exchange Commission.
“Together, the two combined projects will form the largest permitted solar photovoltaic power development in the world and will create an estimated 650 jobs during construction,” according to the statement. The projects will provide energy to Edison International under two long-term power-purchase contracts.
MidAmerican Renewables, a subsidiary of MidAmerican Energy, has more than 1,830 megawatts of assets, including wind power, geothermal, solar and hydro, according to today’s statement. MidAmerican is owned by Buffett’s Berkshire Hathaway Inc.
SunPower rose 6.6% to $5.99 at 12:28 p.m. in New York. Berkshire, based in Omaha, Nebraska rose 3.4% to $138,653.
SOURCE - Bloomberg News
Showing posts with label SunPower Corporation. Show all posts
Showing posts with label SunPower Corporation. Show all posts
Thursday, 3 January 2013
Saturday, 18 April 2009
San Francisco, CA, USA: Del Monte Foods and SunPower Corporation Dedicate 1.9-megawatt Solar Project
Del Monte Foods and SunPower Corporation will dedicate today a new 1.9-megawatt solar power system installed at two of Del Monte's manufacturing plants.
Del Monte estimates the system will deliver approximately $500,000 in savings on electrical costs in the first year of operation, and $25 million over its expected 30-year lifetime. The celebration will take place at Del Monte's Hanford, Calif. plant, which is hosting a 1.2-megawatt SunPower solar installation.
At the company's Kingsburg plant, just 33 miles from Hanford, SunPower designed and built a 759-kilowatt installation. In recognition of the importance of this milestone for Del Monte, California State Senator Dean Florez will be in attendance for the event.
"With this new solar power system at our Hanford and Kingsburg plants, we recognize Del Monte's continuing commitment to environmental sustainability and the communities in which we work, a commitment that literally extends from the fields to the grocery shelf," said Del Monte Foods Chairman and CEO Rick Wolford. "Since our beginning 150 years ago, the sun has fueled the growth of our fruit and tomato products. It will now help to power our California canneries as well, as we continue to provide our consumers with nutritious, great-tasting products produced with the addition of even more sunlight. At Del Monte, our environmental efforts support our mission of Nourishing Families, Enriching Lives, Every Day. Today, we are truly 'Enriching Lives with Light'."
Combined, the new solar system features 9,080 solar panels, covering nearly 200,000 square feet of rooftop - roughly the equivalent of three and a half football fields. The system will produce enough energy to power approximately 7,519 homes over the next 30 years.
Environmental sustainability also makes good business sense. Under the California Solar Initiative program, this system qualifies Del Monte for a rebate on utility rates for the first five years of operations. Del Monte is realizing additional savings as a result of California's net metering program, which requires customers to pay only for the net amount of electricity their regional utility company supplies over-and-above the amount of electricity generated by an on-site solar power system.
"This SunPower system is powering Del Monte's facilities with clean, renewable solar power during the times of day when demand is at its highest, easing stress on the utility grid when electricity is most needed and most expensive," said SunPower CEO Tom Werner. "We applaud Del Monte's vision and commitment, which is serving to significantly reduce both operational costs and the levels of greenhouse gases in our atmosphere."
"Del Monte Foods is committed to utilizing innovative programs and technologies that help minimize our impact on the environment," said Nils Lommerin, Del Monte Foods chief operating officer. "From working with our growers to conserve water and reduce pesticide use, to reducing fuel consumption by eliminating 25 million miles from our distribution network, to harnessing the power of the sun to fuel these two plants, we continue on our journey to protect our planet and the communities where we operate."
Source - Solarbuzz
Del Monte estimates the system will deliver approximately $500,000 in savings on electrical costs in the first year of operation, and $25 million over its expected 30-year lifetime. The celebration will take place at Del Monte's Hanford, Calif. plant, which is hosting a 1.2-megawatt SunPower solar installation.
At the company's Kingsburg plant, just 33 miles from Hanford, SunPower designed and built a 759-kilowatt installation. In recognition of the importance of this milestone for Del Monte, California State Senator Dean Florez will be in attendance for the event.
"With this new solar power system at our Hanford and Kingsburg plants, we recognize Del Monte's continuing commitment to environmental sustainability and the communities in which we work, a commitment that literally extends from the fields to the grocery shelf," said Del Monte Foods Chairman and CEO Rick Wolford. "Since our beginning 150 years ago, the sun has fueled the growth of our fruit and tomato products. It will now help to power our California canneries as well, as we continue to provide our consumers with nutritious, great-tasting products produced with the addition of even more sunlight. At Del Monte, our environmental efforts support our mission of Nourishing Families, Enriching Lives, Every Day. Today, we are truly 'Enriching Lives with Light'."
Combined, the new solar system features 9,080 solar panels, covering nearly 200,000 square feet of rooftop - roughly the equivalent of three and a half football fields. The system will produce enough energy to power approximately 7,519 homes over the next 30 years.
Environmental sustainability also makes good business sense. Under the California Solar Initiative program, this system qualifies Del Monte for a rebate on utility rates for the first five years of operations. Del Monte is realizing additional savings as a result of California's net metering program, which requires customers to pay only for the net amount of electricity their regional utility company supplies over-and-above the amount of electricity generated by an on-site solar power system.
"This SunPower system is powering Del Monte's facilities with clean, renewable solar power during the times of day when demand is at its highest, easing stress on the utility grid when electricity is most needed and most expensive," said SunPower CEO Tom Werner. "We applaud Del Monte's vision and commitment, which is serving to significantly reduce both operational costs and the levels of greenhouse gases in our atmosphere."
"Del Monte Foods is committed to utilizing innovative programs and technologies that help minimize our impact on the environment," said Nils Lommerin, Del Monte Foods chief operating officer. "From working with our growers to conserve water and reduce pesticide use, to reducing fuel consumption by eliminating 25 million miles from our distribution network, to harnessing the power of the sun to fuel these two plants, we continue on our journey to protect our planet and the communities where we operate."
Source - Solarbuzz
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