CINCINNATI and SAN JOSE, Calif., April 22, 2016 /PRNewswire/ -- Today Macy's, Inc. and SunPower Corp. (Nasdaq: SPWR) are recognizing a decade-long partnership between the two companies that has resulted in SunPower® systems installed at or planned for 71 Macy's and Bloomingdale's locations in 10 states, totaling approximately 39 megawatts. Fifty SunPower systems are operating to date, and the company is contracted to install its technology at 21 additional Macy's and Bloomingdale's facilities this year. Celebrations to mark Earth Day and this significant achievement are planned at Macy's Sacramento, Calif. store today, and tomorrow at Macy's store in Bowie, Md.
Macy's extraordinary commitment to solar power positioned the company in the top ten of 2015's U.S. corporate solar champions, according to the Solar Energy Industries Association. Including solar technology that was not installed by SunPower, solar arrays were installed on 78 Macy's, Inc. facilities by year-end 2015.
"We are so excited to partner with SunPower and join the fight against climate change," said Chuck Abt, Macy's senior vice president of operations and logistics. "Macy's is dedicated to giving back to local communities and, through this partnership, we continue to make a meaningful difference in improving the environment. This solar technology partnership is a major component of our sustainable practice and we are committed to improving our carbon footprint for years to come."
Of the 21 systems planned for Macy's facilities this year, 19 of them – or 13 megawatts – will use the SunPower® Helix™ Roof product, the world's first fully-integrated rooftop solar solution for commercial customers. Helix is a pre-engineered, modular solution that is built to last, maximizes power production, and can be installed almost three times faster than competing technology, enabling customers to scale their solar programs quickly with minimal business disruption.
"We are honored to work closely with Macy's over the last decade and proud to have such a visionary solar power partner," said Howard Wenger, SunPower president, business units. "Macy's continues to demonstrate extraordinary leadership in sustainability and clean power for its business and the communities in which it operates. With SunPower's new Helix Roof product we can deliver even more value through innovation, benefiting customers with an exclusive combination of the most efficient solar panels installed at world record speed."
In addition to solar systems, SunPower is also providing Macy's with battery storage systems at three stores in Southern California. The energy storage technology is expected to help those locations further manage energy costs by offsetting demand charges incurred by commercial customers.
Macy's is financing the majority of the SunPower solar power systems on its stores through power purchase agreements, which allows the retailer to buy power at competitive rates that act as a hedge against future utility rate increases, with no upfront capital cost. Macy's does not own the renewable energy credits associated with most of the SunPower solar power systems installed on its facilities.
According to SunPower's calculations, the amount of power expected to be generated annually by the 71 SunPower solar power systems operating on and planned for Macy's facilities could power more than 15,000 electric vehicles for 30 years. According to estimates provided by the U.S. Environmental Protection Agency, the carbon dioxide emissions avoided each year as a result of the power produced from the 71 installed and contracted SunPower solar power systems on Macy's facilities is equivalent to the CO2 emissions from more than 37 million pounds of coal burned, or almost 4 million gallons of gasoline consumed.
Macy's, Inc., with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2015 sales of $27.079 billion. The company operates about 870 stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's, Macy's Backstage Bloomingdale's, Bloomingdale's Outlet, and Bluemercury, as well as the macys.com, bloomingdales.com and bluemercury.com websites. Bloomingdale's in Dubai is operated by Al Tayer Group LLC under a license agreement.
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.
SunPower 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, estimates regarding the future performance and reliability of our products and construction schedules. 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: (1) our ability to obtain additional financing for our projects and our customers; (2) regulatory changes and the availability of economic incentives promoting use of solar energy; (3) challenges inherent in constructing and maintaining certain of our large projects; (4) fluctuations or declines in the performance of our solar panels and other products and solutions; and (5) other risks discussed in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent report on Form 10-K, 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.
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