Gap Inc. Unveils 1 Megawatt Solar Power System
MMA Renewable Ventures and SunPower Partner with Retailer to Host a Solar System on Gap Inc.'s West Coast Distribution Center Campus
FRESNO, Calif., Oct. 7, 2008 /PRNewswire/ -- Gap Inc. (NYSE: GPS), MMA Renewable Ventures, a subsidiary of Municipal Mortgage & Equity, LLC (OTC: MMAB.PK), and SunPower Corporation (Nasdaq: SPWRA, SPWRB), today joined with local officials in unveiling a one megawatt (MW) solar power system at Gap Inc.'s West Coast distribution center campus. The installation, one of the largest in Northern California, features a ground-mounted solar tracking system on a five-acre site, and is expected to offset 2.5 million pounds of greenhouse gas emissions annually, the equivalent of taking 2,466 vehicles off the road over the life of the project.
"We are very excited this solar power system is now online," said Kindley Walsh Lawlor, senior director of strategic planning and environmental affairs for Gap Inc. at today's dedication ceremony. "We made the commitment to host this solar system nearly 15 months ago and are proud to support the clean energy it generates. Over the past decade, Gap Inc. has sought to find better ways to do business and this solar installation is one such shining example."
MMA Renewable Ventures, which owns and operates the system, joined with Gap Inc. to develop an innovative partnership, leveraging tax credits and incentives, to finance the solar power system. This enables Gap Inc. to buy the power generated from the system through a long-term contract known as a power purchase agreement (PPA) – rather than through a major capital investment. MMA Renewable Ventures owns the renewable energy credits and environmental attributes associated with the system.
"This project demonstrates that solar systems deliver dependable power and long-term cost savings," said Matt Cheney, CEO of MMA Renewable Ventures. "Gap Inc. joins with several of the country's top retailers in deploying solar; we commend their visionary commitment to renewable energy systems. By securing power through a power purchase agreement, Gap Inc. will benefit from cost savings from the system's very first day of operation – and for years to come."
Designed and installed by SunPower, SunPower® Tracker system 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.
"We congratulate Gap Inc. on their decision to convert five acres of unused land on the Fresno campus for the production of clean, renewable solar power," said Howard Wenger, SunPower's president, global business units. "High-efficiency SunPower Trackers will maximize the energy production on the site, while an affordable PPA will provide the facility with a hedge against rising utility rates."
More information about Gap Inc.'s efforts to reduce its impact on the environment can be found in the company's 2005-2006 Social Responsibility Report. The report is available online at www.gapinc.com/socialresponsibilityreport.
About Gap Inc.
Gap Inc. is a leading global specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic, Old Navy, Piperlime and Athleta brand names. Fiscal 2007 sales were $15.8 billion. Gap Inc. operates more than 3,100 stores in the United States, the United Kingdom, Canada, France, Japan and Ireland. In addition, Gap Inc. is expanding its international presence with franchise agreements in Asia, Europe, Latin America and the Middle East. For more information, please visit www.gapinc.com.
About MMA Renewable Ventures
A wholly-owned subsidiary of Municipal Mortgage & Equity, LLC ("MuniMae," NYSE: MMA), MMA Renewable Ventures develops, finances, owns and operates renewable energy and energy efficiency assets in the United States. The Company provides leases, Power Purchase Agreements (PPAs) and other customized financial solutions to help its customers manage energy costs. MMA Renewable Ventures is dedicated to delivering competitively priced, clean energy and energy savings to customers, strong partnership options for project developers, and exceptional opportunities for institutional investment in the clean energy sector. For more information about MMA Renewable Ventures, visit www.mmarenewableventures.com.
About SunPower
SunPower Corporation (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 and Asia. For more information, visit www.sunpowercorp.com.
Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements that do not represent historical facts. The companies use words and phrases such as "is expected," "will," and similar expressions to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, the companies' plans and expectations regarding: (a) the system offsetting 2.5 million pounds of greenhouse gas emissions, the equivalent of taking 2,466 vehicles off the road over the life of the project; (b) Gap Inc. benefitting from a renewable energy system that is cost-effective from its very first day of operation – and for years to come; and © an affordable power purchase agreement providing the facility with a hedge against rising utility rates. These forward-looking statements are based on information available to the companies as of the date of this release and management's current expectations, forecasts and assumptions, and involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. Such risks and uncertainties include a variety of factors, some of which are beyond the companies' control. In particular, risks and uncertainties that could cause actual results to differ include: (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) with respect to SunPower, the other risks described in SunPower's Quarterly Report on Form 10-Q for the quarter ended June 29, 2008, and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the companies' views as of any subsequent date, and the companies are under no obligation to, and expressly disclaim any responsibility to, update or alter their 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.
Gap Inc. Media Contact: Melissa Swanson (415) 427-5148 melissa_swanson@gap.com MMA Media Contact: Susan DeVico (510) 339-1527 susan.devico@mmarenew.com SunPower Media Contact: Ingrid Ekstrom (510) 260-8368 iekstrom@sunpowercorp.com