Financing for 1-Megawatt Solar Power System at University of California Completed

Wells Fargo and SunPower announced the completion of the financing for the 1-megawatt solar power system that was commissioned in November, 2009 at the University of California, Merced. This solar power system was financed by SunPower along with Wells Fargo through a $100 million sale leaseback financing program that the two companies had announced in June 2009.

SunPower, under the financing program for the 1-megawatt solar power system has entered power purchase agreements with qualified customers. Wells Fargo under the same financing program is involved in financing solar power systems that are designed, built, operated and maintained by SunPower.

Two-thirds of the campus’ electricity is expected to be produced by this solar power system in the summer afternoons along with 20 percent of the campus’ annual electricity requirements through the usage of net-metering. In the next 30 years, this system is expected to prevent carbon dioxide emissions of more than 45 million pounds based on the conversion formulas provided by The Climate Registry.

This 1-megawatt solar power system utilizes the solar panels from SunPower along with the SunPower T20 Tracker system. In comparison with the standard fixed-tilt systems, the SunPower T20 Tracker system captures an extra 30 percent sunlight while tracking the movement of the sun during the day. This system thus decreases land use requirements.

More than 550 large commercial and public solar power systems from SunPower that are installed or under contract represent a total of more than 450 megawatts of solar power generation. Mac Irvin, Managing Director of SunPower’s structured finance group, remarked that customers are helped to save money from their electricity bills through SunPower’s financing knowledge and high performance technology.  Irvin further stated that the company’s partnership with Wells Fargo will help in increasing the financing options for their customers besides streamlining the enforcement of clean and renewable solar power for customers all over the US.