DEPTFORD, N.J., April 1, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- In a ceremony attended by New Jersey State Assembly Speaker Joseph J. Roberts, J.C. Penney Company, Inc. (NYSE: JCP), Integrys Energy Services, Inc., and SunPower Corp. (Nasdaq: SPWRA, SPWRB) are celebrating today the installation of SunPower solar power systems on five JCPenney stores in New Jersey, totaling approximately 2 megawatts.
The initiative is part of a total solar commitment by JCPenney to host 3.7 megawatts at the five New Jersey stores and four stores in California. In conjunction with the solar panel installations, JCPenney upgraded lighting components at each of the five stores to improve the stores' energy efficiency. JCPenney anticipates that the solar power systems will generate the equivalent of 25 percent of each store's total energy demand.
"JCPenney is piloting this project to explore how we can best support the development of clean energy technologies as part of our comprehensive social responsibility program," said Michael W. Taxter, executive vice president and director of JCPenney stores. "Each new rooftop solar installation is a step in the right direction for addressing climate change and diversifying the energy supply. New Jersey's progressive efforts to promote renewable energy, combined with SunPower's high-efficiency technology and Integrys' financing, worked together to make this project viable."
The systems installed on the nine stores vary in size from 259 to 602 kilowatts. Each system is owned and operated by Integrys Energy Services, Inc., a wholly owned subsidiary of Integrys Energy Group, Inc. (NYSE: TEG), under a SunPower Access(TM) power purchase agreement.
JCPenney is purchasing electricity from Integrys at rates competitively priced against standard utility rates, safeguarding the company against rising peak power prices. Integrys also owns the renewable energy credits associated with the systems.
"JCPenney should be commended for its forward thinking in supporting these energy projects," commented Joel Jansen, managing director of energy assets for Integrys. "Through its energy procurement choices, JCPenney has demonstrated its commitment to being an exceptional corporate citizen."
"SunPower Access is an easy, affordable way for leading companies to support solar power development and positively impact bottom line results," says SunPower Chief Executive Officer Tom Werner. "We congratulate JCPenney for its leadership and notable commitment to host solar power systems in two states."
In New Jersey, SunPower has installed solar power systems on JCPenney stores in Deptford, Cherry Hill, East Brunswick, Wayne and Woodbridge. Using conversion formulas provided by the U.S. Environmental Protection Agency (EPA), the solar systems will help avoid the emission of more than 105 million pounds of carbon dioxide over the expected 30-year lifetime of the systems, which is equal to removing more than 8,700 cars from the highways over 30 years.
In California, JCPenney stores in El Cajon, Palmdale, Redlands and Santa Clarita are hosting SunPower systems. The California solar systems, totaling 1.7 megawatts, will help avoid the emission of more than 86 million pounds of carbon dioxide over 30 years, according to U.S. EPA conversion formulas. This is equal to removing more than 7,100 cars from the highways over 30 years.
SunPower installed SunPower(R) T10 Solar Roof Tile systems and SunPower solar panels, the most efficient panels available on the commercial market, at each store. The T10 Solar Roof Tile tilts at a 10-degree angle to increase energy capture. It is a durable, non-penetrating rooftop solution that is designed for fast installation on virtually any flat rooftop and selected ground sites.
In addition to hosting the solar power systems, JCPenney continues to expand its expertise in energy management. On March 31, the company received the government's ENERGY STAR Sustained Excellence Award - becoming the first retailer to receive this award for energy management.
JCPenney is one of America's leading retailers, operating 1,101 department stores throughout the United States and Puerto Rico, as well as one of the largest apparel and home furnishing sites on the Internet, jcp.com, and the nation's largest general merchandise catalog business. Through these integrated channels, JCPenney offers a wide array of national, private and exclusive brands which reflect the Company's commitment to providing customers with style and quality at a smart price. Traded as "JCP" on the New York Stock Exchange, the Company posted revenue of $18.5 billion in 2008 and is executing its strategic plan to be the growth leader in the retail industry. Key to this strategy is JCPenney's "Every Day Matters" brand positioning, intended to generate deeper, more emotionally driven relationships with customers by fully engaging the Company's approximately 150,000 Associates to offer encouragement, provide ideas and inspire customers every time they shop with JCPenney.
About Integrys Energy Services, Inc.
Integrys Energy Services, Inc. is a diversified nonregulated energy supply and services company serving residential, commercial, industrial, and wholesale customers in 23 states in the United States and 6 Canadian provinces. Integrys Energy Services is the principal nonregulated subsidiary of Integrys Energy Group, Inc. For more information on Integrys Energy Services, Inc., please visit www.integrysenergy.com.
SunPower Corp. (Nasdaq: SPWRA, SPWRB) 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, Australia, and Asia. For more information, visit www.sunpowercorp.com.
SunPower Corp.'s Forward-Looking Statements
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 "rising" to identify forward-looking statements in this press release, including forward-looking statements regarding: (a) the systems generating the equivalent of 25 percent of each store's total energy demand; (b) the competitive price safeguarding the company against rising peak power prices; (c) the systems avoiding the emission of more than 105 million pounds of carbon dioxide over the expected 30-year lifetime of the systems, which is equal to removing more than 8,700 cars from the highways over 30 years; and (d) the California systems avoiding the emission of more than 86 million pounds of carbon dioxide over 30 years, equal to removing more than 7,100 cars from the highways over 30 years. 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; (iv) variations in carbon dioxide emissions reductions; and (v) other risks described in the company's Annual Report on Form 10-K for the year ended December 28, 2008, and other filings with the Securities and Exchange Commission. 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.
SOURCE SunPower Corporation
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