SAN JOSE, Calif., Oct. 28, 2019 /PRNewswire/ -- SunPower
(NASDAQ:SPWR) today announced that the first solar panel has been
installed at a 3-megawatt SunPower® solar project for leading
global retailer Gap Inc. (NYSE: GPS) at its distribution center in
Fresno. Once complete, the system
is expected to help Gap Inc. meet approximately 50 percent of the
Fresno facility's energy needs and
reduce the company's operating expenses, while supporting the
company's goal to reach 100 percent renewable energy across its
global owned and operated facilities by 2030.
"We're deeply committed to reducing our carbon footprint and our
impact on the planet and communities where we do business," said
Keith White, EVP of Global
Sustainability, Gap Foundation and Loss Prevention at Gap Inc. "The
renewable energy generated by this SunPower solar project is a
reliable, cost-effective way to address our sustainability
commitments while also contributing to the health of the local
community."
The solar project is expected to offset 4,539 metric tons of
carbon dioxide annually which is equivalent to removing
approximately 964 passenger vehicles from the road for one year
according to the U.S. Environmental Protection Agency's carbon
footprint calculator. Goldman Sachs Renewable Power (GSRP) owns the
system, while Gap Inc. will purchase electricity under a 20-year
power purchase agreement and will retain the associated renewable
energy credits.
"We commend Gap Inc. for making renewable energy a business
priority, and SunPower is proud to be their solar energy partner on
this project," said Nam Nguyen,
SunPower executive vice president, commercial solar. "SunPower's
complete energy solution is the top choice for businesses in the
U.S. looking to drive down electricity costs and meet ambitious
renewable energy goals with reliable, industry-leading solar
technology."
The ground-mount solar energy system will feature SunPower's
Performance Series solar panels assembled at the company's
Hillsboro, Ore., factory. Built by
RP Construction Services Inc., the project will track the sun,
maximizing clean electricity production for the Gap Inc.
distribution center.
The new 3-megawatt project is the second SunPower solar project
installed at Gap Inc.'s Fresno
location, joining a 1-megawatt ground-mount system constructed in
2008. As the No. 1 commercial solar provider in America for the
second consecutive year, SunPower continues to leverage its
market-leading experience to help companies like Gap maximize their
renewable energy investment. To learn more, visit
www.sunpower.com/commercial.
About SunPower
As one of the world's most innovative
and sustainable energy companies, SunPower (NASDAQ:SPWR) provides a
diverse group of customers with complete solar solutions and
services. Residential customers, businesses, governments, schools
and utilities around the globe rely on SunPower's more than 30
years of proven experience. From the first flip of the switch,
SunPower delivers maximum value and superb performance throughout
the long life of every solar system. Headquartered in Silicon
Valley, SunPower has dedicated, customer-focused employees in
Africa, Asia, Australia, Europe, and North and South America. For more information about how
SunPower is changing the way our world is powered, visit
www.sunpower.com.
About GSAM Renewable Power Group
The Goldman Sachs
Asset Management (GSAM) Renewable Power Group is comprised of
investment professionals with leading industry expertise across
transaction sourcing, financial analysis, power markets and
physical asset analysis and operations. The team takes a long-term
ownership approach to the operations and management of renewable
assets and benefits from Goldman Sachs' extensive network of
relationships, leading institutional infrastructure and in-house
industry knowledge and experience. The group is part of GSAM, one
of the world's leading asset managers with more than $1 trillion in assets under supervision globally
as of June 30, 2019.
SunPower's Forward-Looking Statements
This press
release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, including,
but not limited to, statements regarding project plans, projected
energy output and relative generating capacity, product
performance, and cost savings. These forward-looking statements are
based on our current assumptions, expectations, and beliefs and
involve substantial risks and uncertainties that may cause results,
performance, or achievement to materially differ from those
expressed or implied by these forward-looking statements. Factors
that could cause or contribute to such differences include, but are
not limited to: regulatory changes and the availability of economic
incentives promoting use of solar energy, challenges inherent in
constructing certain of our large projects, and fluctuations or
declines in the performance of our solar panels and other products
and solutions. A detailed discussion of these factors and other
risks that affect our business is included in filings we make with
the Securities and Exchange Commission (SEC) from time to time,
including our most recent reports on Form 10-K and Form 10-Q,
particularly under the heading "Risk Factors." Copies of these
filings are available online from the SEC or on the SEC Filings
section of our Investor Relations website at
investors.sunpowercorp.com. All forward-looking statements in this
press release are based on information currently available to us,
and we assume no obligation to update these forward-looking
statements in light of new information or future events.
© 2019 SunPower Corporation. All Rights Reserved. SUNPOWER and
the SUNPOWER logo are registered trademarks of SunPower Corporation
in the U.S. and other countries as well.
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SOURCE SunPower Corp.