Chevron seeks to source more than 500
megawatts of renewable electricity for its operations
OAKVILLE, ON, July 30, 2020 /PRNewswire/ - Chevron
U.S.A Inc. (CUSA), a wholly owned
subsidiary of Chevron Corporation (NYSE: CVX), and Algonquin Power
& Utilities Corp. ("Algonquin") (TSX: AQN) (NYSE: AQN) today
announced an agreement seeking to co-develop renewable power
projects that will provide electricity to strategic assets across
Chevron's global portfolio. Under the four-year agreement, Chevron
plans to generate more than 500 megawatts (MW) of its existing and
future electricity demand from renewable sources.
"Chevron intends to lead in the future of energy by developing
affordable, reliable and ever-cleaner energy," said Allen Satterwhite, President of Chevron Pipeline
& Power. "This agreement advances Chevron's commitment to lower
our carbon footprint by investing in renewable power solutions that
are reliable, scalable, cost efficient, and directly support our
core business."
Initial renewable power projects are expected to be sited on
Chevron land and construction is planned to start in 2021. The
projects will be focused on powering Chevron's operations in the
U.S. Permian Basin (TX and NM), Argentina, Kazakhstan and Western Australia. Projects will be jointly
owned and co-developed by both parties. Algonquin will lead the
design, development and construction of the projects. Chevron will
purchase electricity from the jointly owned projects through power
purchase agreements.
"This partnership leverages Algonquin's technical and
operational expertise in renewable power with Chevron's scale,
land, and local knowledge to enable faster, more cost-effective
cleaner energy solutions," said Arun
Banskota, Chief Executive Officer of Algonquin. "Continuing
to invest in renewable energy solutions is fundamental to our
business strategy. By working with sustainability champions like
Chevron, we maximize the positive impact of the low carbon
technologies we offer to communities across the U.S. and
Canada, and internationally."
Algonquin, parent company of Liberty Utilities and Liberty Power, is a North American leader in the
generation of renewable energy through its portfolio of long-term
contracted wind, solar and hydroelectric generating facilities,
representing more than 2 GW of installed renewable generating
capacity.
The 500 megawatts of capacity outlined in the agreement is
equivalent to the energy used to power 400,000 U.S. households for
a year.
About Algonquin Power & Utilities Corp.
Algonquin is a diversified international generation,
transmission and distribution utility with approximately U.S.
$ 11 billion of total assets. Through
its two business groups, Liberty Utilities and Liberty Power, Algonquin is committed to
providing secure, safe, reliable, cost effective, and sustainable
energy and water solutions through our portfolio of electric
generation, transmission and distribution utility investments to
approximately 805,000 connections in the United States and Canada. Algonquin is a global leader in
renewable energy through its portfolio of long-term contracted
wind, solar and hydroelectric generating facilities representing
over 2 GW of installed capacity and more than 1.4 GW of incremental
renewable energy capacity under construction.
Algonquin is committed to delivering growth and the pursuit of
operational excellence in a sustainable manner through an expanding
global pipeline of renewable energy, electric transmission, and
water infrastructure development projects, organic growth within
its rate-regulated generation, distribution and transmission
businesses, and the pursuit of accretive acquisitions. Algonquin's
common shares, Series A preferred shares, and Series D preferred
shares are listed on the Toronto Stock Exchange under the symbols
AQN, AQN.PR.A, and AQN.PR.D, respectively. Algonquin's common
shares, Series 2018-A subordinated notes and Series 2019-A
subordinated notes are listed on the New York Stock Exchange under
the symbols AQN, AQNA and AQNB, respectively.
Visit Algonquin
at www.algonquinpowerandutilities.com and follow us on
Twitter @AQN_Utilities.
About Chevron
Chevron Corporation is one of the world's leading integrated
energy companies. Through its subsidiaries that conduct business
worldwide, the company is involved in virtually every facet of the
energy industry. Chevron explores for, produces and transports
crude oil and natural gas; refines, markets and distributes
transportation fuels and lubricants; manufactures and sells
petrochemicals and additives; generates power; and develops and
deploys technologies that enhance business value in every aspect of
the company's operations. Chevron is based in San Ramon, Calif. More information about
Chevron is available at www.chevron.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute
''forward-looking information'' within the meaning of applicable
securities laws in each of the provinces of Canada and the respective policies,
regulations and rules under such laws and ''forward-looking
statements'' within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 (collectively, ''forward-looking
statements"). The words "will", "anticipated", "expected",
"intends" and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Specific
forward-looking statements contained herein include, but are not
limited to statements regarding the timing and location of
potential future projects, the ownership and development structure
of any such projects, and the purchase of electricity from any such
projects. These statements are based on factors or assumptions that
were applied in drawing a conclusion or making a forecast or
projection, including assumptions based on historical trends,
current conditions and expected future developments. Since
forward-looking statements relate to future events and conditions,
by their nature they rely upon assumptions and involve inherent
risks and uncertainties. Algonquin and Chevron caution that
although it is believed that the assumptions are reasonable in the
circumstances, actual results may differ materially from the
expectations set out in the forward-looking statements. Given these
risks, undue reliance should not be placed on these forward-looking
statements, which apply only as of their dates. Other than as
specifically required by law, Algonquin and Chevron undertake no
obligation to update any forward-looking statements to reflect new
information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.