Dover SUN Park Financing and Construction Contracts

White Oak Solar Energy, a subsidiary of LS Power, has completed project financing for its 10 megawatt Dover SUN Park to be constructed in Dover, Delaware. White Oak’s financing was arranged by Union Bank, N.A.

The Dover SUN Park will be the first utility-scale solar power plant in the region. White Oak has entered into long-term power purchase and environmental attribute agreements with the City of Dover, Delmarva Power and Light, Delaware Municipal Electric Corporation and the Delaware Sustainable Energy Utility for the full output of the facility.

White Oak has also executed agreements with SunPower Corporation to design, construct, operate, and maintain the solar park. SunPower will install SunPower Tracker systems at the 103-acre site, with SunPower E19 solar panels. The Tracker follows the sun’s movement during the day, increasing sunlight capture by up to 25 percent over conventional fixed-tilt systems, while significantly reducing land use requirements.

“SunPower sun-tracking technology is fast to install and reliably delivers clean power during peak demand periods, making solar a competitively-priced choice for power plant applications,” said Steve Vavrik, managing director at SunPower. “Forward-thinking organizations such as LS Power and their local partners are maximizing their long-term production of clean, renewable solar power with SunPower’s high-efficiency, high-performance power plants.”

Engineering of the Dover SUN Park is underway and equipment procurement will begin immediately. Site preparation activities will commence in the near term, with equipment installation expected to commence in January. Commercial operation of the Dover SUN Park is scheduled for summer of 2011.

An affiliate of LS Power will manage construction and operations of the project.

In addition to the Dover SUN Park, LS Power is currently developing several other large-scale solar projects in the US. LS Power is a power generation and transmission group with a proven track record of successful development activities, operations management, and commercial execution. LS Power has been involved in the development, construction, or operations of over 20,000 MW of power generation throughout the United States. LS Power is actively developing both power generation and transmission infrastructure to serve the need for new generation and improve the aging transmission system. Highly regarded in the financial community, LS Power has raised over $13 billion in debt and equity since 2005.

SunPower designs, manufactures, and delivers solar technology. Residential, business, government, and utility customers rely on the company’s experience and proven results to maximize return on investment. With headquarters in San Jose, California, SunPower has offices in North America, Europe, Australia, and Asia.

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