TRENTON, N.J., Feb. 13 /PRNewswire-FirstCall/ -- SunPower Corp. (Nasdaq: SPWRA, SPWRB), a manufacturer of high-efficiency solar cells, solar panels and solar systems, announced today that PPL Energy Plus, the energy marketing and trading subsidiary of PPL Corporation, has signed an agreement to purchase New Jersey Solar Renewable Energy Certificates (NJ SRECs) from SunPower over the next ten years. The agreement is a result of changes to New Jersey's solar power incentive program, which has transitioned this year from reliance on state rebates or grants to a market-based system relying primarily on SRECs.
Under the agreement, PPL EnergyPlus will purchase SRECs issued as a result of solar power generated at SunPower installations in the state. SunPower expects to use revenue from the sale of the SREC's to finance the construction of approximately 2.5 megawatts of new solar power projects in New Jersey by 2010.
SRECs are tradable certificates representing all the renewable energy benefits generated from a solar electric system. Each time a solar system generates one megawatt hour of electricity, an SREC is issued that can then be sold or traded.
"Under New Jersey's new program, SREC prices and terms of sale are being determined by the free market," said Tom Leyden, managing director of SunPower's Trenton office. "PPL EnergyPlus is reducing solar renewable energy portfolio compliance costs and demonstrating good corporate citizenship by entering into this long-term agreement. Although the agreement will only address a small portion of new solar capacity to be built in New Jersey in the coming years, it is an indication that the SREC market can facilitate the construction of clean, reliable solar power projects. We expect that more of New Jersey's electricity suppliers will follow suit with similar long-term SREC purchase agreements."
"Combining the advantages of competitive markets with extended federal incentives for projects that support renewable energy and energy sustainability, that's a winning formula," said Gene Alessandrini, senior vice president-marketing for PPL EnergyPlus. "It's good business for PPL because it builds our renewable energy portfolio and advances the production of renewable, green energy."
New Jersey is one of the fastest growing solar energy markets in the U.S., with more than 3,500 solar power installations representing more than 69 megawatts of installed capacity. SunPower maintains an office in Trenton, and has completed solar power installations in New Jersey for customers such as Johnson & Johnson, Tiffany & Co., JCPenney and the New Jersey Department of Military and Veterans Affairs.
Friday, February 13, 2009
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