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February 17, 2009

SunPower & PPL Sign 10-Year REC Deal

New Jersey, United States [RenewableEnergyWorld.com]

SunPower Corp. announced 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.

"PPL EnergyPlus is reducing solar renewable energy portfolio compliance costs and demonstrating good corporate citizenship by entering into this long-term agreement."

-- Tom Leyden, Managing Director, SunPower - Trenton

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.

"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," said Tom Leyden, managing director of SunPower's Trenton office.

SRECs, which RenewableEnergyWorld.com took a close look at last year, 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.

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Reader Comments (3)
 
No image available
February 17, 2009
what is a mwh worth ? and how exactly are they structuring the sale so that it pays for future projects.?
does anyone know where Sunpower manufactures their pv modules?
Comment 1 of 3
No image available
February 17, 2009
Must be an open ended agreement with a set $/MWh (I'm sure that's confidential). I believe SunPower manufactures in the Philippines and may be setting up manufacturing in Malaysia.
Comment 2 of 3
No image available
February 18, 2009
Apparently New Jersey Solar Renewable Energy Certificates (NJ SRECs) have been worth between $170 and $650 per MWh to the bidders.
http://www.njcleanenergy.com/renewable-energy/programs/solar-renewable-energy-certificates-srec/pricing/pricing
Comment 3 of 3
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