OGE Energy Corp. (NYSE: OGE) electric utility subsidiary Oklahoma Gas & Electric Company (OG&E) and SunPower Corp. (NASDAQ: SPWR) today announced the two companies have signed a contract to build a 10-megawatt (AC) solar photovoltaic power plant in Covington, Okla. Construction on the plant is anticipated to commence next month. “The Covington project is a continuation of our successful pilot initiative, which launched with 2.5-megawatt solar facility in Mustang, Oklahoma, in 2015,” said OG&E Chief Operating Officer Keith Mitchell. SunPower will design and build a SunPower® Oasis® Power Plant system at the Covington site. The Oasis system is a complete power plant solution that installs quickly to maximize value for customers. Product features include 50 percent fewer parts than conventional solar plant systems, an integrated solar tracker design that streamlines construction and reduces operations and maintenance costs, and cost-effective, high efficiency SunPower P-Series solar panels, which produce more energy than conventional solar panels over the lifetime of the system.
“At the 80-acre site, SunPower Oasis Power Plant technology and SunPower P-Series solar panels will optimize the cost-competitive solar power generated for OG&E customers,” said Tom Werner, SunPower president and CEO. “We commend OG&E for its commitment to including solar in its energy mix, and for selecting high performance SunPower technology to ensure reliable, long-term return on investment.”
SunPower will provide operations and maintenance services once the plant begins commercial operation, which is expected in early 2018. The Covington solar plant is anticipated to generate enough electricity to serve the needs of over 1,000 average Oklahoma homes, based on estimates provided by the Solar Energy Industries Association.
OG&E will own the renewable energy credits associated with the system.
About OG&E
Oklahoma Gas & Electric Company, a subsidiary of OGE Energy Corp. (NYSE: OGE), is Oklahoma’s largest electric utility. For more than a century, we have provided customers in Oklahoma and western Arkansas the safe, reliable electricity needed to power their businesses and homes at rates below the national average. Our employees are committed to generating and delivering electricity, protecting the environment and providing excellent service to our more than 836,000 customers. OG&E has 6,700 MW of electric generation capacity fueled by low-sulfur coal, natural gas, wind and solar. OG&E is recognized as a leader in smart grid technology, leveraging this platform to provide customers with the award-winning SmartHours® program and setting the stage for an electric vehicle program that will include some level of public charging infrastructure, and advanced LED street and security lighting. OG&E employees live, work and volunteer in the communities we serve. For more information about OG&E, visit us on the Internet at http://www.oge.com or follow us on Facebook: www.facebook.com/ogepower and Twitter: @OGandE.
About SunPower Corp.
As one of the world’s most innovative and sustainable energy companies, SunPower Corporation (NASDAQ: SPWR) provides a diverse group of customers with complete solar solutions and services. Residential customers, businesses, governments, schools and utilities around the globe rely on SunPower’s more than 30 years of proven experience. From the first flip of the switch, SunPower delivers maximum value and superb performance throughout the long life of every solar system. Headquartered in Silicon Valley, SunPower has dedicated, customer-focused employees in Africa, Asia, Australia, Europe, North and South America. For more information about how SunPower is changing the way our world is powered, visit www.sunpower.com.
SunPower’s Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding expected project timelines, relative generating capacity, and projected energy output. These forward-looking statements are based on our current assumptions, expectations, and beliefs and involve substantial risks and uncertainties that may cause results, performance, or achievement to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: regulatory changes, challenges inherent in constructing and maintaining certain of our large projects, and fluctuations or declines in the performance of our solar panels and other products and solutions. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent reports on Form 10-K and 10-Q, particularly under the heading “Risk Factors.” Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpowercorp.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.
