SOLAR+STORAGE

SunPower Corporation Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit - SPWR

Robbins Geller Rudman & Dowd LLP | February 21, 2022

The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers of SunPower Corporation securities between August 3, 2021 and January 20, 2022, inclusive have until April 18, 2022 to seek appointment as lead plaintiff in Jaszczyszyn v. SunPower Corporation, No. 22-cv-00956. Commenced on February 16, 2022, the SunPower class action lawsuit charges SunPower and certain of its top executives with violations of the Securities Exchange Act of 1934.

Case Allegations
SunPower is a solar energy company that provides hardware, software, and financing options for customers.

The SunPower class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) certain connectors used by SunPower suffered from cracking issues; (ii) as a result, SunPower was reasonably likely to incur costs to remediate the faulty connectors; (iii) consequently, SunPower's financial results would be adversely impacted; and (iv) thus, defendants' positive statements about SunPower's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On January 20, 2022, SunPower announced that it had "identified a cracking issue that developed over time in certain factory-installed connectors."  SunPower "expects approximately $27 million of supplier-quality related charges in fourth quarter 2021 and approximately $4 million in the first quarter of 2022" to replace the faulty connectors.  On this news, SunPower's share price fell nearly 17%, damaging investors.

The Lead Plaintiff Process
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased SunPower securities during the Class Period to seek appointment as lead plaintiff in the SunPower class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the class action lawsuit.  An investor's ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.

About Robbins Geller Rudman & Dowd LLP
With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions.  Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.  The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors that year, more than double the amount recovered by any other securities plaintiffs' firm.

Spotlight

Learn more about why cherry grower Rivermaid Trading Co. in Lodi, California, went solar to reduce its electricity costs and help the environment.

Spotlight

Learn more about why cherry grower Rivermaid Trading Co. in Lodi, California, went solar to reduce its electricity costs and help the environment.

Related News

ENERGY

Ameresco Awarded 10-MW Slemon Park Microgrid Project

Ameresco | January 21, 2022

Ameresco, Inc., a leading cleantech integrator specializing in energy efficiency and renewable energy, announced that it has been awarded the Slemon Park Microgrid project, which it will develop in collaboration with Prince Edward Island (PEI) Energy Corporation. The Slemon Park Microgrid will consist of a 10-MW solar facility with direct current-coupled energy storage, meaning that the co-located solar and energy storage assets will share the same interconnection. Implementation of behind-the-meter energy storage solutions, as well as a small deployment of residential energy storage systems, will benefit Slemon Park commercial businesses and local residents by storing energy for later use. By incorporating energy storage components to better balance renewable energy generation, the microgrid will help manage peak load demands within Slemon Park and is expected to offset approximately 4500 tonnes CO2e/year over its useful life. The Slemon Park Microgrid project will further our goal of achieving Net Zero energy by 2030 on Prince Edward Island. With the addition of a new, clean renewable energy grid, we’ll be able to better reduce our baseline greenhouse gas emissions and create a more resilient future.” Steven Myers, Minister of Environment, Energy and Climate Action Ameresco and PEI Energy Corporation will work collaboratively with the Slemon Park Corporation to utilize the park’s unique infrastructure to successfully implement the microgrid. The completed project will enhance local economic development and strengthen renewable energy solutions in Prince Edward Island. “We are so excited to partner with PEI Energy Corporation on such an impactful project. Improving grid resiliency will enable the province of Prince Edward Island to successfully implement renewable energy projects that will help serve to protect the Island’s environment and lead to a more sustainable and economically robust future,” said Bob McCullough, President, Ameresco Canada. Construction began in December 2021 with a target energize date scheduled for Fall 2022. Federal funding for this project is provided by Natural Resources Canada’s Smart Grid Program, part of the Government of Canada’s Investing in Canada Infrastructure Program: Green Infrastructure stream. About Ameresco, Inc. Founded in 2000, Ameresco, Inc. is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and the United Kingdom. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. About PEI Energy Corporation In Prince Edward Island, the PEI Energy Corporation is responsible “to develop and promote the development of energy systems and the generation, production, transmission and distribution of energy in all its forms on an economic and efficient basis, to provide financial assistance for the development, installation and use of energy systems, and to coordinate all government programs in the establishment and application of energy systems in the province.” The Province of Prince Edward Island has developed a North American, if not global, reputation in the development of renewable energy. PEI has always been viewed as an innovator in developing, demonstrating and deploying renewable energy systems with due regard for the environment. PEI has a strong reputation as a leader in the development of its wind resources with the highest per capita penetration of this renewable energy in its provincial electricity portfolio.

Read More

ENERGY

RWE Renewables and National Grid Collaborate to Jointly Bid for New York Bight Offshore Wind Energy Lease Auction

RWE Renewables | May 24, 2021

RWE Renewables, one of the world's leading offshore wind energy firms, and National Grid, one of the world's largest publicly traded utilities, announced today the signing of a partnership agreement to jointly build offshore wind projects in the Northeast U.S. coastal region. Under this deal, RWE and National Grid Ventures, National Grid's non-regulated subsidiary, will collaborate to explore opportunities in the offshore wind market in the United States. This involves a plan to bid together in the forthcoming New York Bight seabed lease auction. Offshore wind will be crucial for the United States, especially in the Northeast, to minimize carbon emissions and achieve climate goals, such as New York state's target of bringing 9,000 megawatts (MW) of offshore wind online by 2035. This collaboration would benefit from the complementary strengths and skills of National Grid and RWE. RWE is one of the world's largest offshore wind companies, involved throughout the entire value chain, from project conception and development to construction and operation, and maintenance. The company's unmatched expertise over the last 20 years has resulted in about 20 active projects. The company is currently building the 857-megawatt Triton Knoll offshore wind farm off the English coast and the 342-megawatt Kaskasi plant off the German island Heligoland. Furthermore, RWE has made an investment decision for its 1,4 gigawatt Sofia project, one of the world's largest offshore wind farms. National Grid will offer local expertise in the Northeast as well as experience developing large-scale infrastructure projects, including industry-leading subsea cable capabilities from its portfolio of interconnectors that enable renewable energy transfer between the UK and Europe.

Read More

SOLAR+STORAGE

Duke Energy has Begun Working on the World's Largest Solar Plant in Surry County, North Carolina

Duke Energy | June 23, 2021

Duke Energy is continuing to grow solar power in North Carolina, with the commencement of construction on its 22.6-megawatt (MW) Stony Knoll Solar power plant. It will be the biggest solar energy facility in Surry County when finished. Duke Energy Sustainable Solutions will own and operate the project. The project was chosen as part of the competitive bidding procedure created by North Carolina's solar law in 2017. Trina Solar bifacial modules with single-axis tracking will be used in the solar project, which will have 76,600 of them. The facility will be built on 195 acres in Dobson, North Carolina, along Rockford Road. The facility will provide enough energy to power 5,000 households. It plans to go commercial before the end of 2021. "Duke Energy is increasing the amount of carbon-free, sustainable power available to North Carolina consumers. We're excited to add Surry County to our ever-expanding list of solar areas as we endeavor to drastically cut carbon emissions on our way to net-zero emissions by 2050 "stated Stephen De May, president of Duke Energy, North Carolina. Proposed projects must be built where there is a need for energy capacity on the Duke Energy system in North Carolina or South Carolina under North Carolina's Competitive Procurement for Renewable Energy. Bids may be submitted by any company, including Duke Energy, and may take the form of power purchase agreements (PPA), utility self-developed facilities, or utility asset acquisitions. "We are excited to continue to expand the state's renewable energy resources. The Stony Knoll solar project is the third facility we've unveiled in North Carolina this year, demonstrating our continued effort to boosting sustainable energy generation in the state "Duke Energy Sustainable Solutions president Chris Fallon stated. Stony Knoll Solar will employ around 70 people during peak construction. Along with the indirect economic benefits that come with solar project development, also including increased local spending in the service and construction industries, Stony Knoll Solar would also have a strong economic impact on the local community by providing local tax revenues to both the county and regional school districts, as well as constructive payments to participating landholders. Through the work of the Duke Energy Foundation, Duke Energy Sustainable Solutions also helps the communities in which its facilities and team members are located. The firm gave $10,000 to Copeland Elementary School in Dobson in January to help support the purchase of Chromebooks for pupils. Swinerton Renewable Energy will design the facility, purchase inverters, balance of plant systems, and build the project. Stony Knoll's electricity will be provided under a 20-year power purchase contract with Duke Energy Carolinas. Duke Electricity maintains more than 3,700 MW of solar power on its North Carolina energy system, enough to power about 700,000 homes and businesses at peak production. Throughout addition, the firm runs around 40 solar plants in the state. North Carolina now ranks third in the US in terms of overall solar power. More over half of North Carolina's energy mix is carbon-free, thanks to nuclear, hydro, and renewable energy. Duke Energy, one of the nation's leading renewable energy suppliers, intends to increase its enterprisewide renewables portfolio from 8 gigawatts (GW) to 16 GW by the end of the year 2025. About Duke Energy Sustainalbe Solutions: Duke Energy Sustainable Solutions is a nonregulated commercial firm of Duke Energy (NYSE: DUK), a Fortune 150 corporation located in Charlotte, North Carolina, and one of the largest energy holding companies in the United States. Duke Energy Sustainable Solutions is a pioneer in sustainable energy, assisting big corporations in lowering electricity costs, lowering emissions, and increasing resiliency. The team delivers wind, solar, resilient backup power, and managed energy services to over 1,000 projects throughout the United States, with a cumulative nonregulated renewable energy capacity of far more than 5,100 megawatts. Duke Energy is implementing an aggressive clean energy plan to build a better energy future for its customers and communities, with targets of at least a 50% decrease in carbon emissions by 2030 and net-zero emissions by 2050. The firm is a leading provider of renewable energy in the United States, with plans to operate or buy 16,000 megawatts of renewable energy capacity by 2025. The Duke Energy News Center includes press releases, info sheets, pictures, videos, and other media. Duke Energy's lighting tells tales about individuals, innovations, neighbourhood challenges, and environmental concerns.

Read More