Wednesday, May 16, 2007

PowerLight Completes 2.2 Megawatt Solar Power Plant in Korea

SEOUL, South Korea, May 15, 2007 -- SunPower Corporation (Nasdaq: SPWR), a Silicon Valley-based manufacturer of high-efficiency, commercially available solar cells, solar panels, and solar systems, today announced that its subsidiary, PowerLight Corp., has completed construction of Mungyeong SP Solar Mountain, a 2.2-megawatt solar electric power plant in Mungyeong, Korea. The plant is comprised of 10,500 panels and covers an area of approximately 43,000 square meters.

PowerLight worked as a subcontractor to LG CNS Co., Ltd, by supplying solar technology and providing design and installation services. SunPower panels, using high efficiency solar cells, are mounted on the proprietary PowerTracker® solar tracking system, which tilts the solar panels toward the sun as it moves across the sky, significantly increasing daily energy production compared with fixed-tilt systems.

SP Energy, Korea's largest private solar plant operator, owns the plant and is selling the electricity it generates to the Korea Power Exchange. SP Energy receives the wholesale market rate for the electricity from Korea Electric Power Corp. as well as a per-kilowatt-hour subsidy payment from the Korea Energy Management Corp. The project was financed by a fund raised from institutional investors and managed by Good & Rich Asset Management. The City of Mungyeong also offered its support throughout all stages of project development.

"The combination of an optimal solar location in Mungyeong and the PowerTracker system with SunPower's high-efficiency modules will produce excellent financial returns for our investors," said Song Woo Keun, president and chief executive officer of SP Energy.

"LG CNS expects the solar industry in Korea to exhibit strong growth. We believe that the main success factor of this project is that we chose PowerLight as the subcontractor," said Kim Yang Ho, director of the Construction Division at LG CNS Co. Ltd.

"Korea is committed to becoming a world leader in solar-electric power generation," said Zachary Struyk, PowerLight's general manager in Korea. "We are pleased to help the country achieve its goals with the development of utility-scale power plants that serve Korea's power needs with reliable, clean and affordable solar energy."

The Mungyeong SP Solar Mountain is the second major solar power plant designed and deployed by PowerLight in Korea in recent months. In November 2006, a one-megawatt project in Gwangju, Korea, was officially dedicated.

Source: Press release

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