SunPower to build 18MW solar power plant in Spain

San Jose, Calif.-based SunPower (Nasdaq: SPWR) said today it would design and construct an 18 megawatt solar power plant in Spain.

The facility will be located on a 70 hectare site in Olivenza on the border with Portugal. It is expected to generate more than 32 million kilowatt hours of power per year upon completion.

SunPower, a majority-owned subsidiary of Cypress Semiconductor (NYSE: CY), said the project should be complete by the spring of 2008.

"Our customers are demanding the highest energy delivery and fast construction schedules, requirements we can meet with our T20 Tracker," said Marco Antonio Northland, general manager of SunPower's European operations.

"At Olivenza, we are using the SunPower Tracker to expedite deployment, maximize energy delivery, optimize land use and reduce related costs."

The company said its solar tracking system, which follows the sun as it moves across the sky, delivers up to 30 percent more energy than fixed-tilt systems.

SunPower said the Olivenza project is financed by a consortium of institutions, including AIG Financial Products and 360 Corporate.

This project boosts SunPower's footprint in Spain to more than 100 megawatts under contract.