SAN FRANCISCO, SAN DIEGO AND TEMPE, ARIZ., August 4, 2011 - Pacific Gas and Electric Company (NYSE: PCG) and Sempra Generation, a subsidiary of San Diego-based Sempra Energy (NYSE: SRE), announced today that they have entered into a 25-year contract for 150 megawatts (MW) of renewable power from an expansion of Sempra Generation's Copper Mountain Solar complex in Boulder City, Nev.
First Solar (NASDAQ: FSLR), one of the world's leading producers of photovoltaic (PV) solar modules, will provide the ground mounted thin film panels and serve as the engineering, procurement and construction (EPC) contractor for the solar project.
The first 92 MW of solar panels at Copper Mountain Solar 2 are expected to be installed by January 2013, with the remaining 58 MW slated for completion by 2015. Under the terms of the contract, PG&E has the option to accelerate the commercial operation date of the second phase.
"Copper Mountain Solar 2 is a great opportunity for PG&E to continue down the path toward a clean energy future - a vision we share with our customers," said Fong Wan, senior vice president for procurement for PG&E. "We are delighted to be part of this partnership that will allow us to deliver more green power to meet our customers' long-term electricity needs."
"Copper Mountain Solar 2 is another exciting step forward on our plan to construct 1,000 megawatts of additional renewable capacity by 2015, "said Jeffrey W. Martin, president and chief executive officer of Sempra Generation. "We couldn't be more pleased to move forward with PG&E and First Solar on our third and largest solar project in Nevada, which will deliver a new supply of clean power to California consumers."
Construction on the 1,100-acre solar plant is expected to begin in early 2012. Copper Mountain Solar 2 will produce enough zero-emission electricity to power about 45,000 homes when fully developed.
"The combination of First Solar's advanced thin film PV modules with our industry leading EPC capabilities enables us to rapidly deploy utility-scale solutions like Copper Mountain Solar 2, bringing down the cost of renewable energy," said Jim Lamon, First Solar senior vice president of EPC, Operations and Maintenance. "We're pleased to be working with Sempra and PG&E again."
Sempra Generation and First Solar have previously teamed-up on the construction of two other large-scale solar projects in Nevada, including Copper Mountain Solar 1. The 48-MW installation was completed in late 2010 and is currently the largest photovoltaic solar power plant in the U.S. PG&E is currently delivering the power produced at the plant to its customers.
The power supply contract between Sempra Generation and PG&E is subject to approval by the California Public Utilities Commission.
About Pacific Gas and Electric Company
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric utilities in the United States. Based in San Francisco, with 20,000 employees, the company delivers some of the nation's cleanest energy to 15 million people in Northern and Central California. For more information, visit http://www.pge.com/about/newsroom/.
About Sempra Generation
Sempra Generation operates and maintains a fleet of natural gas-fueled power plants, and is a leading developer of solar and wind facilities that serve U.S. markets. Sempra Energy (NYSE: SRE), based in San Diego, is a Fortune 500 energy services holding company with 2010 revenues of $9 billion. The Sempra Energy companies' nearly 16,000 employees serve about 26 million consumers worldwide.
About First Solar
First Solar manufactures solar modules with an advanced semiconductor technology, and is a premier provider of comprehensive photovoltaic (PV) system solutions. The company is delivering an economically viable alternative to fossil-fuel generation today. From raw material sourcing through end-of-life collection and recycling, First Solar is focused on creating value-driven renewable energy solutions that protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.
For Sempra Energy Investors
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "intends," "plans," "estimates," "may,""will," "would," "could," "should," "potential," "target," "depends," or similar expressions, or discussions of strategies, plans or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions by the California Public Utilities Commission, California State Legislature, California Department of Water Resources, Federal Energy Regulatory Commission, Federal Reserve Board, and other regulatory and governmental bodies in the United States and other countries where the company does business; capital market conditions and inflation, interest and exchange rates; energy markets, including the timing and extent of changes and volatility in commodity prices; the availability of electric power, natural gas and liquefied natural gas; weather conditions and conservation efforts; war and terrorist attacks; business, regulatory, environmental and legal decisions and requirements; the status of deregulation of retail natural gas and electricity delivery; the timing and success of business development efforts; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond the control of the company. These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com.
Sempra Generation is not the same company as the utility, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra Generation is not regulated by the California Public Utilities Commission.
For First Solar Investors
This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with the company's business involving the company's products, their development and distribution, economic and competitive factors and the company's key strategic relationships and other risks detailed in the company's filings with the Securities and Exchange Commission. First Solar assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
Scott Tomayko/Victor Vilaplana