Macy's Goes Green In California
Macy's to install solar power in 26 stores while significantly reducing energy consumption
SAN FRANCISCO, Calif., Jun. 5, 2007 /PRNewswire/ -- Macy's today announced it will install solar power systems and significantly reduce energy consumption in 26 stores throughout California in partnership with SunPower Corporation (Nasdaq: SPWR), a Silicon Valley-based manufacturer of high-efficiency, commercially available solar cells, solar panels and solar systems.
SunPower's subsidiary PowerLight will install PowerGuard® rooftop solar power systems under contracts totaling 8 megawatts on Macy's stores.
"The move to solar shows Macy's commitment to using cleaner technologies, and in doing so we will reduce 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."
PowerLight will also assist Macy's in improving the energy efficiency of the 26 California stores. Combining solar power with efficiency will allow Macy's to achieve an estimated 40% 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 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 to removing 1,144 cars from California's highways each year.
For 15 of the 26 stores, Macy's will purchase solar-generated electricity under the SunPower Access™ program, a solar services agreement that allows the retailer to purchase just the electricity generated at its stores - not the solar power systems themselves -- from a third-party financier. 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 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," says Chief Executive Officer of SunPower 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 their financial returns."
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.
SunPower Corp. (Nasdaq: SPWR) designs, manufactures and markets high-performance solar electric technology worldwide. SunPower's high-efficiency solar cells and panels generate up to 50 percent more power per unit area than conventional solar technologies and have a uniquely attractive, all-black appearance. SunPower's PowerLight subsidiary is a leading global provider of large-scale solar power systems, with over 100 megawatts installed. For more information on SunPower please visit the SunPower website at http://www.sunpowercorp.com. SunPower is a majority-owned subsidiary of Cypress Semiconductor Corp. (NYSE: CY).
Forward Looking Statement
This press release contains forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. We use words such as "will" and "expected" and similar expressions to identify forward-looking statements. These forward-looking statements are based on information available to us as of the date of this release and 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 our control. Risk factors are contained in documents that the company files with the SEC, including the Form 10-K for fiscal 2006. These forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we are under no obligation to, and expressly disclaim any responsibility to, update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.