The two companies have entered into the financial maneuverings needed to pull off what is called a "power-purchase agreement."
This particular agreement calls for GE to plunk down an undisclosed amount of money to take majority ownership of the solar-powered projects. SunPower (NASDAQ: SPWR) will also own as well as operate the projects, which are slated to provide power to four businesses and one county.
The businesses and county in turn agreed to buy power generated by SunPower's installed solar systems.
The projects include a 2.3-megawatt rooftop solar-power system at a Toyota Motor Sales building in Ontario, Calif. GE and SunPower claim it will be the largest single-roof solar-power installation in the United States.
Hewlett-Packard will get a 1-megawatt rooftop system serving an eight-building printing technology research and development center in San Diego.
Santa Rosa, Calif.-based Agilent Technologies will gain a 1-megawatt solar tracking system installed in its campus parking lot.
Three ground-mounted solar systems will be installed in Lake County, California. The systems, totaling 2.4 megawatts, will power a correctional facility and two wastewater-treatment plants.
And the Rancho California Water District in Murrieta, Calif., will get a 1-megawatt ground-mounted system.
SunPower expects to start construction on the projects in February and finish by the end of the year. The five projects combined are expected to prevent 8.5 million pounds of carbon-dioxide emissions from spewing into the air in the first year of operation Lately, SunPower has been aggressively wrapping up a slew of financial deals. On Friday the company said it will construct an 8-megawatt solar power plant in Spain. And in late December, Sunpower said it was buying its second solar integrator, Italy's Solar Solutions.
Despite Monday's effort to power forward, it wasn't enough to lift SunPower's stock, which fell $8.35, or 7 percent, on Monday, to $117.77 per share.