WESTMINSTER, Calif., Sep 28, 2007 (PrimeNewswire via COMTEX News Network) -- With a solar store dedication in Westminster today, Macy's is launching a program to install solar electric power systems at 28 California stores, including 15 in Southern California. SunPower Corporation (Nasdaq:SPWR), a Silicon Valley-based manufacturer of high-efficiency, solar cells, solar panels and solar systems, is partnering with Macy's to design and install the systems.
The Macy's store in Westminster is the first to receive a SunPower solar power system under the agreement. The 294-kilowatt system will generate approximately 586,000 kilowatt hours of solar electricity per year, offsetting more than 11 million pounds of carbon dioxide emissions over the 30-year lifetime of the system. This is equivalent to planting approximately 53 acres of trees or removing 37 cars from California's highways each year.
Macy's stores Moreno Valley and Thousand Oaks are next in line to receive the solar power systems, with completion expected on all three stores by the end of October. Additional Southern California locations scheduled to receive solar power systems include Downey, Fox Hills, Irvine, Montebello, Newport Beach, Puente Hills, Santa Anita, Santa Maria, Simi Valley and Temecula.
"The move to solar shows Macy's commitment to using cleaner technologies, and in doing so we will reduce our energy demand," 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."
Through its 28-store partnership with SunPower, Macy's has committed to installing a total of 8.9-megawatts of solar power systems on its California stores. In addition, SunPower is assisting Macy's to improve the energy efficiency at the stores. Combining solar power with energy efficiency will allow Macy's to achieve an estimated 40 percent reduction in utility-provided energy, almost doubling the impact of the solar power alone. "By combining energy efficiency with solar power, Macy's is taking the extra step to cut our peak load demand," Cole said.
Energy efficiency upgrades will include high-efficiency lighting and HVAC systems and energy management systems.
The solar systems, combined with the energy efficiency upgrades, are expected to offset more than 24 million kilowatt hours of energy consumption annually. Macy's carbon footprint is estimated to be reduced by more than 195 million pounds of carbon dioxide emissions over the lifetime of the systems. This is the equivalent of removing 1,144 cars from California's highways each year.
For 17 of the 28 stores, Macy's will purchase solar-generated electricity under the SunPower Access(tm) program, a solar services agreement that allows the retailer to purchase just the electricity generated at its stores -- not the solar power systems. At the end of a 10-year term, Macy's will have the option to renew the agreement, transfer the equipment to a new site, or buy the system. Macy's will buy solar power systems for the remaining 11 stores, including the Westminster store, through an outright system purchase.
"SunPower Access is an easy, affordable way for forward-thinking companies to benefit from the use of clean, renewable solar power," said SunPower Chief Executive Officer Tom Werner. "With this move to combine energy efficiency upgrades with a very significant commitment to solar power, Macy's is wisely capturing the extra environmental benefits while also improving its financial returns."
About Macy's
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 www.macys.com/pressroom.
About SunPower
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).
Forward-Looking Statements
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 "will," "expect," 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 power generation, reduced utility bills and offset carbon dioxide 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 risks described our Quarterly Report on Form 10-Q for the quarter ended July 1, 2007 and other filings with the Securities and Exchange Commission. You should also carefully review reports that we file with the Securities and Exchange Commission, including without limitation such Form 10-Q. Except as required by law, we assume no obligation to update any such forward-looking statements.
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.
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: Macy's; SunPower Corporation
Macy's
Milinda Martin
626-737-6484
milinda.martin@macys.com
SunPower Corporation
Ingrid Ekstrom
510-868-1368
iekstrom@sunpowercorp.com
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