July 29, 2014 - SunPower Corp. today announced it has started construction on the 135MW Quinto Solar Project in Merced County, Calif. The system will generate power for Southern California Edison's customers, under a long-term power purchase agreement. In accordance with the company's recently announced holdco strategy, SunPower expects to own and operate the solar power plant during construction.
"The advantages of SunPower's technology, combined with our global footprint of more than four gigawatts of operating solar systems, give us confidence to deploy a holdco strategy with regard to Quinto," said SunPower President and CEO Tom Werner. "This strategy allows SunPower to realize the return on investment from the leading power-producing performance of our technology, and reduces the risk to potential buyers if we decide to sell the operational plant."
SunPower anticipates that about 295 jobs will be created during peak construction of the project, with approximately $80 million in local economic impact. The company estimates that more than $5 million of tax revenues will also be generated as a result of the project. After completion, which is scheduled for late 2015, the Quinto project is expected to generate enough electricity for 40,000 homes.
SunPower is constructing a SunPower® Oasis® Power Plant system at the approximately 1,000 - acre site.
According to estimates provided by the U.S. Environmental Protection Agency, the completed plant will offset the annual production of almost 134,000 tons of carbon dioxide emissions, which is the equivalent of removing more than half a million cars from California's roads over the next 20 years.