SunPower (SPWR) To Build 28 MW Air Force Solar Project
Zacks Investment Research | May 23, 2017 10:22PM ET
SunPower Corp. (NASDAQ:SPWR) has initiated construction of a 28 megawatt (MW) solar photovoltaic system at Vandenberg Air Force Base near Lompoc, CA. This solar plant is expected to be the largest behind-the-meter solar power system where 100% of the energy generated will be consumed onsite, once operational.
The company estimates the solar project will provide 35% of Vandenberg’s power by generating 54,500 MW hours of energy annually. The green energy generated from this solar plant will help the Air Force to achieve the goal of meeting 25% of its electricity demand from renewable resources.
Other Defense Solar Projects
Other defense solar projects in which the company is involved include two installations at Nellis Air Force Base in Nevada of 13.2 MW and 15 MW – operating since 2007 and 2016, respectively. Further, the company has another 13.78 MW installation at NAWS China Lake in California – operating since 2012.
Upcoming Solar Power Projects
The company has a number of projects under construction including Boulder Solar II, a 62 MW AC solar power plant in the Eldorado Valley of Boulder City, NV, anticipated to be operational this year. Sierra Pacific Power Company will be purchasing the power generated by the plant under a 20-year power purchase agreement (PPA).
Furthermore, the Iberdrola (MC:IBE) Gala Solar Project, with a capacity of 56 MW, is expected to be operational this year.
The company has plans to build few solar projects in different regions in Mexico with expected delivery dates of 2018 and 2019. Moreover, the projects are expected to generate gross margin above 20%.
Price Movement
In the last 12 months, SunPower has underperformed the Zacks categorized Zacks Investment Research
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