UKIAH, Calif., Dec. 9, 2009 /PRNewswire/ -- Mendocino College, Bank of America (NYSE: BAC) and SunPower Corp. (NASDAQ: SPWRA)(NASDAQ: SPWRB) today announced the completion of a 929-kilowatt solar power system on the college's Ukiah campus. The system was financed by Bank of America and is expected to save the college $14.9 million in electricity costs over the next 25 years due in large part to the use of SunPower's advanced sun-tracking technology.
"It makes sense to use the clean, renewable resource of the sun to power our schools sustainably," said Mendocino College's Director of Facilities Planning Mike Adams. "SunPower's high-efficiency technology is maximizing the amount of sunlight that is converted to electricity for our operations and the cost savings that we will achieve as a result."
Constructed in four months, the system utilizes SunPower solar panels, the most efficient solar panels on the market, with the SunPower Tracker® system. The Tracker follows the sun's movement during the day, increasing sunlight capture by up to 25 percent over conventional fixed-tilt systems, while significantly reducing land use requirements.
"Colleges and universities in California are seizing the opportunity to help the state meet its growing energy demand and renewable energy goals," said Bill Kelly, managing director, at SunPower. "Mendocino College understands the significant return on investment that SunPower systems deliver, and the added value of working with an experienced partner."
According to conversion formulas provided by the U.S. Environmental Protection Agency, the solar system at Mendocino College is expected to displace more than 55 million pounds of carbon dioxide over the next 30 years. This is equivalent to the emissions displaced from removing more than 4,500 cars from California's roads. Mendocino College owns the renewable energy credits and all environmental attributes associated with the system.
SunPower has more than 550 solar power systems in operation or under contract globally. The company has built other solar power systems for California community colleges including Napa Valley College, Ohlone College, the Foothill-DeAnza Community College District, and the Los Angeles Community College District.
Bank of America, which has committed $20 billion over a 10-year period to address global climate change, has also been very active in financing solar power for California K-12 schools and community colleges including San Jose Unified School District, Milpitas Unified School District and Butte-Glenn Community College.
"We have been pleased to work with Mendocino College and SunPower to take another step along the path toward efficient and renewable energy," said Neal Skiver, senior vice president for West Region energy services originations at Banc of America Public Capital Corp. "This project is representative of Bank of America's continued commitment to investing in renewable energy projects and the ongoing opportunities that exist for us to help clients save money while reducing carbon emissions. In addition to the renewable energy generation with its associated environmental attributes, doing these projects with schools and colleges provides the added educational benefit of students being able to see first-hand the use of solar energy to help the environment."
About Mendocino College
Mendocino College is a public two-year college located in Ukiah and accredited by the Western Association of Schools and Colleges. The college first offered classes in 1973, and currently has more than 4,700 enrolled students. Mendocino College serves the educational needs of its students and community by providing academic programs, transfer preparation, vocational training, lifelong learning opportunities and student support.
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 53 million consumer and small business relationships with 6,000 retail banking offices, more than 18,000 ATMs and award-winning online banking with more than 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange. www.bankofamerica.com
About SunPower Corp.
Founded in 1985, SunPower Corp. (NASDAQ: SPWRA)(NASDAQ: SPWRB) designs, manufactures and delivers the planet's most powerful solar technology broadly available today. Residential, business, government and utility customers rely on the company's experience and proven results to maximize return on investment. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australia and Asia. For more information, visit www.sunpowercorp.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts and may be based on underlying assumptions. The company uses words and phrases such as "will" and "expected" to identify forward-looking statements in this press release, including forward-looking statements regarding: (a) energy efficiency and savings; and (b) environmental benefits. Such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as: (i) actual electricity generation; (ii) the actual energy consumption rate; (iii) unexpected changes in utility service rates; and (iv) variations in carbon dioxide emissions reductions. These forward-looking statements should not be relied upon as representing the company's views as of any subsequent date, and the company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
SunPower is a registered trademark of SunPower Corp. All other trademarks are the property of their respective owners.
First Call Analyst:
SOURCE: SunPower Corp.
CONTACT: Ingrid Ekstrom of SunPower Corp., +1-510-260-8368,
email@example.com; or Mike Adams of Mendocino College,
+1-707-467-1028, firstname.lastname@example.org; or Will Wilson of Bank of America,