SAN JOSE, Calif., April 21, 2008 /PRNewswire via COMTEX News Network/ -- In anticipation of tomorrow's worldwide celebration of Earth Day, Macy's and SunPower Corporation (Nasdaq: SPWR), the San Jose-based manufacturer of high-efficiency solar cells, solar panels and solar systems, are dedicating a 307-kilowatt solar power system at the Macy's store at Oakridge Mall in San Jose. SunPower has partnered with Macy's to design and install solar power systems on 28 stores across California, including 12 in Northern California, and also assisted the retailer in improving the energy efficiency at the stores.
The solar dedication is part of Macy's Turn Over A New Leaf campaign that kicked off yesterday. The awareness campaign is designed to support, educate and inspire sustainability and eco-friendly practices in everyday life. In addition to special promotions, merchandise and in-store events, Macy's will donate all of the proceeds from ticket sales for its national charity days -- One Good Turn -- on April 26th and 27th to the National Park Foundation.
The solar power system on Macy's San Jose store is expected to generate 404,000 kilowatt hours per year. It will reduce annual carbon dioxide emissions by 514,000 pounds, which is the equivalent to planting 1590 acres of trees over the 30-year lifetime of the system.
"Through commitment and innovation, I believe that we will lead the way to solving the world's environmental challenges," said San Jose Mayor Chuck Reed. "The partnership between Macy's and SunPower is a great example. Together, the two companies are demonstrating how deploying clean renewable technology is fiscally and environmentally responsible. San Jose stands to benefit from their leadership and vision."
Macy's has committed to installing over 8 megawatts of solar power systems on its California stores. At most of the stores, including the San Jose location, Macy's will purchase the generated electricity from a third-party financier under the SunPower Access(TM) power purchase agreement (PPA) program. MMA Renewable Ventures, LLC, will finance, own and operate solar power systems at all stores for which PPA arrangements have been finalized. Delivering predictably priced electricity with no upfront system cost, MMA Renewable Ventures' PPA services provide Macy's with immediate savings and a long-term hedge against rising peak power prices.
Combining solar power with energy efficiency upgrades such as high-efficiency lighting and HVAC systems and energy management systems is expected to reduce energy consumption by more than 24 million kilowatt hours annually, achieving an estimated 40 percent reduction in Macy's demand for utility-provided energy in those stores. Carbon dioxide emissions are estimated to be reduced by more than 195 million pounds over the lifetime of the systems, which is the equivalent of removing 1,144 cars from California's highways each year.
"Macy's is committed to supporting the development of clean technologies, and reducing our energy consumption," says Macy's, Inc. Vice Chair Tom Cole. "We are proud to join the fight against greenhouse gas emissions in California because we believe a successful business is dependent on a healthy environment."
"SunPower is proud to partner with Macy's to deliver innovative solar technology, efficiency upgrades and affordable financing solutions to support this unprecedented 28-store commitment," said SunPower Chief Executive Officer Tom Werner. "We applaud Macy's for their forward-thinking approach to environmental sustainability and corporate responsibility."
In addition to San Jose, other Northern California locations scheduled to receive SunPower solar power systems include Concord, Cupertino, Daly City, Fresno, Newark, Richmond, San Rafael, Santa Clara, Stockton and Sunnyvale. Completion of all the solar power installations is expected by the end of this year.
Macy's, the largest retail brand of Macy's, Inc., delivers fashion and affordable luxury to customers at more than 800 locations in 45 states, the District of Columbia, Puerto Rico and Guam. Offering distinctive assortments including exclusive fashion and home brands, Macy's stores are operated by seven regionally based retail divisions - Macy's East, Macy's Florida, Macy's Midwest, Macy's North, Macy's Northwest, Macy's South, and Macy's West -- and an online store at macys.com.
Macy's West is based in San Francisco and operates 193 stores in eight states. For additional media materials, please visit our online pressroom at http://www.macys.com/pressroom.
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 http://www.sunpowercorp.com. SunPower is a majority-owned subsidiary of Cypress Semiconductor Corp. (NYSE: CY).
About MMA Renewable Ventures
A subsidiary of Municipal Mortgage & Equity, LLC "MuniMae," (Pink Sheets: MMAB), MMA Renewable Ventures 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 http://www.mmarenewableventures.com.
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 company uses words and phrases such as "to design and install," "is expected," "will," and "are estimated," and similar expressions to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, the company's plans and expectations regarding (a) designing and installing solar power systems on 28 stores across California, including 12 in Northern California; (b) generating 404,000 kilowatt hours per year; (c) reducing annual carbon dioxide emissions by 514,000 pounds, which is the equivalent to planting 1590 acres of trees over the 30-year lifetime of the system; (d) reducing energy consumption by more than 24 million kilowatt hours annually, achieving an estimated 40 percent reduction in Macy's demand for utility-provided energy in those stores; (e) reducing carbon dioxide emissions by more than 195 million pounds over the lifetime of the systems, which is the equivalent of removing 1,144 cars from California's highways each year; and (f) completing all the solar power installations by the end of this year. These forward-looking statements are based on information available to the company 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 company's control. In particular, risks and uncertainties that could cause actual results to differ include (i) construction difficulties or potential delays in the project implementation process; (ii) unanticipated delays or difficulties securing necessary permits, licenses or other governmental approvals; (iii) the risk of continuation of supply of products and components from suppliers; (iv) unanticipated problems with deploying the system on the sites; (v) the actual energy consumption rate; (vi) unexpected changes in utility service rates; (vii) variations in carbon dioxide emissions reductions; and (viii) other risks described in the company's Annual Report on Form 10-K for the year ended December 30, 2007, 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. Cypress is a registered trademark of Cypress Semiconductor Corp. All other trademarks are the property of their respective owners.
SOURCE SunPower Corporation
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