SAN JOSE, Calif., Nov. 16, 2017 /PRNewswire/ -- Gavilan College
recently selected SunPower (NASDAQ:SPWR) to deploy a fully
integrated solar and storage project at its campus in Gilroy, Calif. A SunPower® Helix™ Carport
system totaling about 1.4 megawatts will be installed across two of
the college's largest parking lots, enhanced by a 250-kilowatt (500
kilowatt-hour) energy storage solution from Stem, Inc. to help
deliver significant demand charge savings.
System construction is currently underway, with completion
expected before the end of 2017. To help finance the project,
Gavilan Joint Community College District secured U.S. Department of
Treasury clean renewable energy bonds (CREBs) with a 1.05 percent
interest rate after a federal tax credit, which allow public sector
entities to fund renewable energy projects. The district will own
the solar power system along with the associated renewable energy
credits.
"Investing in cleaner energy while providing covered parking for
our students with this solar carport system made complete sense for
us," said Frederick E. Harris, Vice
President of Administrative Services at Gavilan College. "Together with SunPower, we have
designed a unique system that will offset approximately 75 percent
of our electricity use on the Gilroy campus, include a storage system
allowing us to avoid expensive utility demand charges, feature
enhanced parking lot lighting, and incorporate up to 102 electric
car charging stations in compliance with the California Green
Building Code."
SunPower's complete carport solution features high-efficiency
solar panels that maximize energy production, delivering 45 percent
more electricity in the same amount of space over 25 years compared
to conventional solar panels. They are also backed by an
industry-leading power and product warranty, providing customer
confidence over the life of the contract. Stem, Inc. will provide
an AI-driven energy storage solution to help maximize the value of
the solar project.
"We're especially excited about SunPower's 25-year Demand
Assurance Guarantee that covers product performance, energy
production, operation and maintenance," Harris continued. "Combined
with system monitoring capabilities and innovative classroom
curriculum that SunPower has developed, we'll have the ability to
create valuable instructional opportunities for our students and
community members."
SunPower has long been a trusted solar partner for colleges and
schools in California given the
company's extensive experience delivering innovative energy
solutions to education customers.
"We congratulate Gavilan College for
taking control of energy costs with reliable solar and storage
solutions from SunPower," said Nam
Nguyen, SunPower executive vice president. "With more than
32 years of experience in solar, colleges across the country rely
on SunPower to deliver leading renewable energy solutions that best
fit their needs. We look forward to helping Gavilan College reduce energy costs over the long
term, delivering more value over the system's useful life."
To learn more about solar for higher education, visit SunPower's
webpage here.
About SunPower
With more than 30 years of proven
experience, SunPower is a global leader in solar innovation and
sustainability. Our unique approach emphasizes the seamless
integration of advanced SunPower technologies, delivering The
Power of One® complete solar solutions and lasting customer
value. SunPower provides outstanding service and impressive
electricity cost savings for residential, commercial and power
plant customers. At SunPower, we are passionately committed to
changing the way our world is powered. And as we continue shaping
the future of Smart Energy, we are guided by our legacy of
innovation, optimism, perseverance and integrity. Headquartered in
Silicon Valley, SunPower has dedicated, customer-focused employees
in Africa, Asia, Australia, Europe, North
America and South America.
Since 2011, we've been majority-owned by Total, the fourth largest
publicly-listed energy company in the world. For more information,
visit www.sunpower.com.
About Stem, Inc.
Stem creates innovative technology
services that transform the way energy is distributed and consumed.
AthenaTM by Stem is the first AI for energy storage and
virtual power plants. It optimizes the timing of energy use and
facilitates consumers' participation in energy markets, yielding
economic and societal benefits while decarbonizing the grid. The
company's mission is to build and operate the smartest and largest
digitally-connected energy storage network for our
customers. Headquartered in Millbrae, California, Stem is funded by a
consortium of leading investors including Angeleno Group, Iberdrola
(Inversiones Financieras Perseo), GE Ventures, Constellation
Technology Ventures, Total Energy Ventures, Mitsui & Co. LTD.,
RWE Supply & Trading, and Mithril Capital Management. Visit
www.stem.com for more information.
About Gavilan
College
Gavilan College
is one of California's 114
community colleges, serving a 2,700- square-mile area from
South San Jose through most of
San Benito County. The main
campus, with a park-like setting, is located in Gilroy, CA. Additional instructional sites are
located in Coyote Valley, Morgan
Hill, San Martin (Aviation
Maintenance Technology), and Hollister. Gavilan
College offers courses and programs that satisfy the
transfer requirements of four-year colleges and universities; job
skill and career training programs; Basic Skills and English as a
Second Language (ESL); Noncredit and Community Education.
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 expected
cost savings, projected energy output, relative generating
capacity, project plans and deliverables, expected timelines, and
anticipated product performance and ancillary capabilities, .
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:
competition and market conditions in the solar and general energy
industry, regulatory changes and the availability of economic
incentives promoting use of solar energy, challenges inherent in
constructing and maintaining 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 Forms 10-K
and 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.
©2017 SunPower
Corporation. All Rights Reserved. SUNPOWER, the
SUNPOWER logo and HELIX are trademarks or registered trademarks of
SunPower Corporation in the U.S. and other countries as well. All
other trademarks are properties of their respective
owners.
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SOURCE SunPower Corp.