SunPower (SPWR) to Build 28 MW Air Force Solar Project
SunPower Corp. SPWR has initiated construction of a 28 megawatt (MW) solar photovoltaic system at Vandenberg Air Force Base near Lompoc, CA. This solar plant is expected to be the largest behind-the-meter solar power system where 100% of the energy generated will be consumed onsite, once operational.
The company estimates the solar project will provide 35% of Vandenberg’s power by generating 54,500 MW hours of energy annually. The green energy generated from this solar plant will help the Air Force to achieve the goal of meeting 25% of its electricity demand from renewable resources.
Other Defense Solar Projects
Other defense solar projects in which the company is involved include two installations at Nellis Air Force Base in Nevada of 13.2 MW and 15 MW – operating since 2007 and 2016, respectively. Further, the company has another 13.78 MW installation at NAWS China Lake in California – operating since 2012.
Upcoming Solar Power Projects
The company has a number of projects under construction including Boulder Solar II, a 62 MW AC solar power plant in the Eldorado Valley of Boulder City, NV, anticipated to be operational this year. Sierra Pacific Power Company will be purchasing the power generated by the plant under a 20-year power purchase agreement (PPA).
Furthermore, the Iberdrola Gala Solar Project, with a capacity of 56 MW, is expected to be operational this year.
The company has plans to build few solar projects in different regions in Mexico with expected delivery dates of 2018 and 2019. Moreover, the projects are expected to generate gross margin above 20%.
Price Movement
In the last 12 months, SunPower has underperformed the Zacks categorized Solar industry. During this period, the company’s shares lost 53.4%, wider than the industry’s decline of 36.8%.
The main reasons behind the underperformance can be attributed to the market dislocation that the solar industry is experiencing as a whole, apart from facing steep competition from both established companies and new entrants in the market.
Other Stocks to Consider
SunPower currently carries a Zacks Rank #2 (Buy).
Other top ranked players from the Oils-Energy space include Canadian Natural Resources Limited CNQ, Enbridge Energy, L.P. EEP and SolarEdge Technologies, Inc. SEDG. All the three companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Canadian Natural Resources delivered a positive earnings surprise 30.77% in the first quarter 2017. Its 2017 estimates have risen by 38.30% to $1.30 per share in the last 30 days.
Enbridge Energy pulled off a positive earnings surprise 128.57% in the first quarter 2017. Its 2017 estimates have risen by 52% to 76 cents per share in the last 30 days.
SolarEdge Technologies delieved a positive earnings surprise 39.13% in the first quarter 2017. Its 2017 estimates have risen by 14.43% to $1.11 per share in the last 30 days.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look. See the pot trades we're targeting>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Click for Free Enbridge Energy, L.P. (EEP) Stock Analysis Report >>
Click for Free Canadian Natural Resources Limited (CNQ) Stock Analysis Report >>
Click for Free SunPower Corporation (SPWR) Stock Analysis Report >>
Click for Free SolarEdge Technologies, Inc. (SEDG) Stock Analysis Report >>
To read this article on Zacks.com click here.
Zacks Investment Research
