July 28, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — SunPower Corp. (NASDAQ: SPWRA) said it has completed the design and construction of a one-megawatt solar power system at the Yolo County Justice Campus in Woodland, California.

According to SunPower Yolo County, which owns the system and associated renewable energy credits, is financing the purchase using multiple funding sources, including clean renewable energy bonds and qualified energy conservation bonds available through the American Recovery and Reinvestment Act of 2009.

In addition to the subsidized bonds, which were financed by Bank of America (NYSE: BAC), SunPower assisted Yolo County in securing a 15-year loan from the California Energy Commission.

Yolo County board of supervisors chairwoman Helen M. Thomson said, "With the funding we secured as a result of the 2009 federal stimulus bill and the California Energy Commission loan, Yolo County has no out-of-pocket expenses to build this project, and will be net cash flow positive from the first day of the system's operation."

She added that savings over the next 25 years are estimated to be about $8.8 million, directly benefiting Yolo County residents and businesses.

The solar power system, which SunPower said was completed six weeks ahead of schedule, utilizes the company’s solar panels with the SunPower Tracker system. The Tracker follows the sun's movement during the day, increasing sunlight capture by up to 25 percent over conventional fixed-tilt systems, while significantly reducing land use requirements, according to SunPower.

Yolo County is located in northern California, sharing its eastern border with Sacramento County and encompassing a total area of 1,021 square miles. It has a population of just over 200,000 residents, and is a relatively rural agricultural region outside its incorporated cities of Davis, West Sacramento, Winters and Woodland.

California-based SunPower designs, manufactures and delivers solar technology for residential, business, government and utility customers. The company has offices in North America, Europe, Australia, and Asia.

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