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.
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