SAN JOSE, Calif., Oct. 29, 2019 /PRNewswire/ -- SunPower
(NASDAQ:SPWR) today announced construction is underway on the Lost
Hills Solar Project. The 35-megawatt DC (29-megawatt AC) system
will feature Performance Series solar panels assembled in
Hillsboro, Oregon, and deliver
low-carbon electricity to Chevron's (NYSE: CVX) Lost Hills oil field in Kern County, Calif., under a power purchase
agreement. Over the project's term of up to 20 years, it
is estimated to produce more than 1.4 billion kilowatt hours of
clean solar energy, thereby reducing carbon dioxide
(CO2) emissions by approximately 1 million metric tons.
This is equivalent to offsetting the CO2 emissions of
118,550 homes' energy use for one year.
"For over 140 years, Chevron has delivered the energy that
improves lives and enables human progress," said Allen Satterwhite, President, Chevron Pipeline
& Power. "As global demand for energy continues to grow, we are
committed to supporting affordable, reliable, ever-cleaner energy
and to exploring increased use of renewables in support of our
business. Advancing economically viable renewable energy projects
which scale is part of the equation and this project represents a
meaningful step in our energy journey."
The Lost Hills Oil Field has been a source of energy since it
was discovered in 1910, producing more than 460 million barrels of
oil equivalent over the past 40 years. Once complete in early 2020,
the solar project is expected to provide power to the Lost Hills production and processing
facilities and offices, meeting approximately 80 percent of its
energy needs. Goldman Sachs Renewable Power (GSRP) will own the
system and Chevron will receive environmental credits under the
state of California's Low Carbon
Fuel Standard (LCFS) program.
"Companies across industries are looking for solutions to a low
carbon footprint, and the Chevron project is one more example of
how organizations and influencers across industries and geographies
are moving the world toward a new energy future," said Nam Nguyen, SunPower executive vice president,
commercial solar. "We commend Chevron for its vision and commitment
to reducing its carbon footprint and are excited to partner with
Chevron to deploy SunPower's industry-leading solar solutions to
this unique Lost Hills
project."
SunPower is currently the No. 1 commercial solar provider in the
U.S. for the second consecutive year with the most megawatts
installed, according to Wood Mackenzie. For more information on why
SunPower is an ideal energy partner for businesses, 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 and
timelines, projected energy output, and product performance. 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 https://investors.sunpower.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.