Houston (Platts)--7Sep2012/1158 am EDT/1558 GMT
SunPower has signed a power purchase agreement with Pacific Gas and Electric for the planned 100-MW Henrietta solar project in Kings Country, California, the solar company said in a statement Friday. SunPower said it plans to begin building the project in 2015 and put it into commercial operation by late 2016. It did not specify the cost of the project, but said it would "inject $72.7 million in the local economy" and create 200 jobs. "We are very pleased to be working again with PG&E to deliver cost-competitive solar power at a 100-MW scale, while creating jobs and economic opportunity for the local community," said Howard Wenger, SunPower president for regions. PG&E said the project would provide enough power for about 36,000 average California homes. The contract is contingent on gaining all the necessary approvals from the California Public Utilities Commission and other permits, SunPower said. SunPower is a San Jose, California-based company that manufactures PV panels, installs them on rooftops and builds utility-scale facilities. French firm Total is its majority owner. In early August, SunPower reported that it only narrowed its loss in the second quarter versus the same period of the previous year, disappointing investors. SunPower's stock opened Friday at $4.40/share after trading at about $16/share about a year ago.--Carla Bass, carla_bass@platts.com --Edited by Jason Lindquist, jason_lindquist@platts.com