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Certified Steel and Nexus Properties to Build 1.2-Megawatt SunPower Solar Power System at Certified Steel Company Facility

Posted on: Thursday, 30 April 2009, 07:00 CDT

Largest Solar Rooftop System Financed Under PSE&G's Solar Loan Program; May Generate the Equivalent of Nearly 100 Percent of the Facility's Power Requirement

HAMILTON, N.J., April 30 /PRNewswire-FirstCall/ -- Certified Steel, Nexus Properties and SunPower Corp. (Nasdaq: SPWRA, SPWRB) today announced an agreement to build a 1.2-megawatt SunPower solar power system at the Certified Steel Company facility in Hamilton, N.J. The system, which is expected to be complete in July, will be the largest installation financed by PSE&G's solar loan program to date. It is expected to generate the equivalent of nearly 100 percent of the power required by the 330,000-square-foot full line steel service center.

Approved by New Jersey's Board of Public Utilities (BPU) in April 2008, the two-year pilot solar loan program allows PSE&G, the regional utility provider, to offer a loan to interested parties installing solar panels at their facilities. The loans can finance up to 60 percent of the cost of solar-panel installation. Under the agreement, Certified Steel will repay its loan with the renewable energy credits (SRECs) generated by the system.

"We are proud to take a leadership role in sustainable development, and have enjoyed the cooperation of the BPU and PSE&G," said Andrea Sussman, managing member of Nexus Properties, the developer for the project. "The Solar Loan Program has provided a level of economic certainty that does not otherwise exist in the marketplace. Moving forward, we envision similar programs that foster private investment in solar power projects and help the state of New Jersey reach its renewable energy goals."

"SunPower is providing turnkey design and installation services and high-efficiency solar technology to optimize the power generated by the system and the savings that Certified Steel will achieve on their electricity costs," said Tom Leyden, managing director at SunPower. "We applaud their leadership in taking advantage of PSE&G's Solar Loan Program. Clean, reliable solar power makes good sense today for businesses and our environment."

At the Certified Steel site, SunPower will install a lightweight roof mount solar power system with SunPower solar panels, the most efficient panels on the commercial market.

About Certified Steel

Certified Steel is a full line steel service center that has been in business for over 51 years. With over 100 employees, they operate in a 330,000 sq. ft. processing and warehouse facility in Hamilton, NJ. For more information, visit www.certifiedsteel.com.

About Nexus Properties

Nexus Properties, Inc. is a family owned, full service Commercial Real Estate Development Company that has successfully existed since the mid 1970's and currently has an owned portfolio approaching 2/million sq. ft. They provide day to day Property Management services for more than 175 tenants in their facilities and provide occupant services for over 5,000 clients and their visitors on a daily basis. In 2006 Nexus began directing its interests in renewable energy and by the third quarter of 2008 had completed two individual 200/kw solar array's on the roof tops of its commuter parking decks in Trenton, N.J. - a first for New Jersey. Beyond this massive project currently getting underway for Certified Steel, they have a 900/kw system in the final design stages for its commuter parking facility at the Hamilton Train Station in Hamilton, N.J. Future projects are to include several of their office building roof tops and warehouse facilities.

About SunPower

SunPower Corporation (Nasdaq: SPWRA, SPWRB) designs, manufactures and delivers high-performance solar electric systems worldwide for residential, commercial and utility-scale power plant customers. SunPower high-efficiency solar cells and solar panels generate up to 50 percent more power than conventional solar technologies and have a uniquely attractive, all-black appearance. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australia, and Asia. For more information, visit www.sunpowercorp.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts and may be based on underlying assumptions. The company uses words and phrases such as "to build," "may," "expected," "will," and "envision," to identify forward-looking statements in this press release, including forward-looking statements regarding: (a) SunPower building a 1.2 megawatt solar power system; (b) SunPower completing construction in July 2009; (c) The system being the largest installation financed by PSE&G's solar loan program to date; (d) the system generating the equivalent of nearly 100 percent of the power required by the service center; (e) similar loan programs fostering private investment in solar power projects; and (f) SunPower installing a lightweight roof mount solar power system with SunPower solar panels. Such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as: (i) construction difficulties or potential delays in the project implementation process; (ii) unanticipated delays or difficulties securing necessary permits, licenses or other governmental approvals; (iii) the risk of continuation of supply of products and components from suppliers; (iv) unanticipated problems with deploying the system on the sites; (v) actual electricity generation; (vi) the actual energy consumption rate; (vii) the continuation of governmental and related economic incentives promoting the use of solar power; and (viii) other risks described in the company's Annual Report on Form 10-K for the year ended December 28, 2008, and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the company's views as of any subsequent date, and the company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

SunPower is a registered trademark of SunPower Corp. All other trademarks are the property of their respective owners.

SOURCE SunPower Corporation

Source: PR Newswire

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