HANFORD, Calif., Dec 11, 2008 /PRNewswire-FirstCall via COMTEX News Network/ --
Wal-Mart Stores, Inc. (NYSE: WMT) and SunPower Corporation (Nasdaq: SPWRA, SPWRB) today announced completion of a 554-kilowatt solar power system at the Wal-Mart store in Hanford, California. The system is estimated to generate approximately 15 percent of the store's electricity.
This Hanford store is part of a Wal-Mart pilot project to purchase solar power systems from SunPower and other solar providers for up to 22 Wal-Mart stores, Sam's Club locations and distribution centers in California and Hawaii.
It is expected these solar power systems at Wal-Mart's facilities will replace 7,000 to 8,000 metric tons of greenhouse gas emissions per year. The systems help move Wal-Mart towards its long-term goal to be supplied 100 percent by renewable energy, and will provide immediate cost savings over current utility rates.
"This project helps move Wal-Mart forward in our commitment to conserve energy, reduce energy costs and lower greenhouse gas emissions," said Kim Saylors-Laster, vice president of energy for Wal-Mart Stores, Inc. "We are very pleased with SunPower's work on the Hanford solar project and on all of our facilities on which they are building solar power systems."
The Hanford Wal-Mart store, as well as the nearby Wal-Mart distribution center in Porterville, are two of eight Wal-Mart facilities in California to receive SunPower solar power systems, totaling 4.2 megawatts, by the end of this year. The other six Wal-Mart facilities included in the SunPower contract are located in Chino, Simi Valley, Brea, Orange and Lakewood and Palmdale.
"Companies like Wal-Mart are turning to solar power because it makes good business sense and supports their environmental initiatives," said Tom Werner, chief executive officer of SunPower Corp. "Companies turn to SunPower because we have the most efficient solar technology in the world, and unparalleled experience in delivering high quality solar power installations anywhere and at any scale, from rooftops to parking structures to power plants."
Wal-Mart plans to use the results of the solar power pilot project to explore additional ways to achieve its renewable energy goals and to determine how to move forward with solar power generation at additional Wal-Mart locations.
Wal-Mart Stores, Inc. operates Wal-Mart discount stores, supercenters, Neighborhood Markets and Sam's Club locations in the United States. The Company operates in Argentina, Brazil, Canada, China, Costa Rica, El Salvador, Guatemala, Honduras, Japan, Mexico, Nicaragua, Puerto Rico and the United Kingdom and, through a joint venture, in India. The Company's securities are listed on the New York Stock Exchange under the symbol WMT. More information about Wal-Mart can be found by visiting http://www.walmartstores.com. Online merchandise sales are available at http://www.walmart.com and http://www.samsclub.com.
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, California, SunPower has offices in North America, Europe, Australia and Asia. For more information, visit http://www.sunpowercorp.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 companies use words and phrases such as "will," "is expected," "plans," 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 generating approximately 15 percent of the store's electricity; (b) the systems replacing 7,000 to 8,000 metric tons of greenhouse gas emissions per year; (c) the systems helping Wal-Mart achieve its long-term goal to be supplied 100 percent by renewable energy and provide immediate cost savings over current utility rates; (d) Wal-Mart using the results of the solar power pilot project to explore additional ways to achieve its renewable energy goals and to determine how to move forward with solar power generation at additional Wal-Mart locations. 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) other risks described in SunPower's Quarterly Report on Form 10-Q for the quarter ended September 28, 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.
SOURCE SunPower Corporation
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