CHINO, Calif., Jan. 28, 2008 /PRNewswire/ -- Wal-Mart Stores, Inc. (NYSE: WMT) and SunPower Corporation (NASDAQ: SPWR), a Silicon Valley-based manufacturer of high-efficiency solar cells, solar panels and solar systems, today announced completion of a 390-kilowatt solar power system at the Sam's Club store in Chino. The store is the first of seven Wal-Mart facilities in California to receive high-efficiency SunPower solar power systems, totaling 4.6 megawatts, and is part of a major purchase of solar power from SunPower and other solar power providers for approximately 22 Wal-Mart stores, Sam's Clubs and distribution centers in Hawaii and California. The stores included in the pilot project are expected to achieve savings over their current utility rates as soon as the first day of operation.
"We are very pleased with SunPower's progress on the Chino solar project," said Kim Saylors-Laster, vice president of energy for Wal-Mart. "Wal-Mart is moving forward with its commitment to conserve energy, reduce energy costs and lower greenhouse gas emissions -- and this project is a step in the right direction."
"Leading companies like Wal-Mart are turning to solar power because it makes good business sense and supports their environmental initiatives," said Tom Werner, chief executive officer of SunPower. "Wal-Mart's SunPower solar power systems are financed through our SunPower Access™ program, which is a power purchase agreement that allows our customers to take advantage of the environmental and financial benefits of solar power with no upfront capital costs. The solar electricity will be competitively priced against retail rates, providing Wal-Mart with a long-term hedge against rising peak power prices."
Each solar power generating system installed may vary, but on average it can provide up to 30 percent of the power for the store on which it is installed. "By Wal-Mart's estimates, installing the solar power systems will help reduce greenhouse gas emissions by 8,000-10,000 metric tons per year," said David Ozment, director of energy for Wal-Mart. The solar power pilot project is a major step toward Wal-Mart's goal of being supplied 100 percent by renewable energy.
On the roof of Wal-Mart's Chino store, SunPower installed the proprietary SunPower® T-10 solar roof tile, which tilts at a 10-degree angle to increase energy capture. SunPower solar panels, which are 50 percent more efficient than conventional solar panels, are used to maximize power generation and financial savings, especially on rooftops with constrained space.
Wal-Mart Stores, Inc. operates Wal-Mart discount stores, Supercenters, Neighborhood Markets and Sam's Club locations in the United States. The Company operates in Argentina, Brazil, Canada, China, Costa Rica, El Salvador, Guatemala, Honduras, Japan, Mexico, Nicaragua, Puerto Rico and the United Kingdom. The Company's securities are listed on the New York Stock Exchange under the symbol WMT. More information about Wal-Mart can be found by visiting www.walmartfacts.com. Online merchandise sales are available at www.walmart.com.
SunPower Corporation (NASDAQ: SPWR) designs, manufactures and delivers high-performance solar-electric systems worldwide for residential, commercial and utility-scale power plant customers. SunPower high-efficiency solar cells and solar panels generate up to 50 percent more power than conventional solar technologies and have a uniquely attractive, all-black appearance. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe and Asia. For more information, visit www.sunpowercorp.com. SunPower is a majority-owned subsidiary of Cypress Semiconductor Corp. (NYSE: CY).
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts. We use words such as "expected," "will," and similar expressions to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, our plans and expectations regarding savings over current utility rates and the timing for achieving such savings, the amount of reduction in greenhouse gas emissions, and the amount of annual solar electricity generation. Such statements are based on our current expectations as of the date of the release, which could change or not materialize as expected. Actual results may differ materially due to a variety of uncertainties and risk factors, including but not limited to unexpected fluctuations in utility rates, variations in greenhouse gas emissions reductions, actual solar electricity generation, and other risks described in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 and other filings with the Securities and Exchange Commission. You should also carefully review all such reports that we file with the Securities and Exchange Commission. Except as required by law, we assume no obligation to update any such forward-looking statements.
SOURCE: SunPower Corporation
CONTACT: Tiffany Moffatt of Wal-Mart Stores, Inc., +1-209-369-1377,
(cell) +1-479-381-8206, Tiffany.Moffatt@Wal-Mart.com; Ingrid Ekstrom of
SunPower Corp., +1-510-260-8368, firstname.lastname@example.org