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SunPower to Build Solar PV Plant in Cochise County, AZ

Zacks Equity Research
Updated

SunPower Corp. SPWR signed a 20-year power purchase agreement with Sulphur Springs Valley Electric Cooperative (“SSVEC”) under which it will build a 20-megawatt (“MW”) (AC) solar photovoltaic (“PV”) power plant in Cochise County, AZ.

The plant is expected to be operational by the end of 2016 and will generate enough power to meet the needs of about 4,500 homes. Construction of the plant will likely begin in early 2016, creating about 125 jobs.

A non-profit, member-owned distribution cooperative, SSVEC supplies electricity to 51,000 services. Its service territory spans across parts of Cochise, Graham, Pima and Santa Cruz counties.

With this agreement, SunPower will help the cooperative to attain about 95% of the renewable energy goal established by the Arizona Corporation Commission by 2025.

SunPower also has plans to design and build a SunPower Oasis Power Plant system at the site. This system is the company’s fully integrated, modular solar power block solution for utility-scale solar projects mainly to optimize land use and is engineered for rapid, cost-effective installation.

The company is expected to drop down the project to 8point3 Energy Partners LP CAFD, its YieldCo joint venture with First Solar Inc. FSLR. The formation of 8point3 Energy will lower the company’s cost of capital significantly and in turn boost shareholder value.

SunPower is one of the most forward-integrated solar companies, having over a decade-long experience in designing, manufacturing and supplying large-scale solar systems. The company is gradually shifting its revenue base from solar panel sales to the development of solar projects, power plants and engineering, procurement and construction systems.

SunPower holds a Zacks Rank #3 (Hold). A better-ranked stock in the solar space include JA Solar Holdings Co., Ltd. JASO, carrying a Zacks Rank #1 (Strong Buy).

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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
JA SOLAR HOLDGS (JASO): Free Stock Analysis Report
 
FIRST SOLAR INC (FSLR): Free Stock Analysis Report
 
SUNPOWER CORP-A (SPWR): Free Stock Analysis Report
 
8POINT3 ENERGY (CAFD): Free Stock Analysis Report
 
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Zacks Investment Research