Today, Walmart announced that it has reached an agreement with SunPower to have the commercial energy provider install solar systems at 19 stores and two distribution centers in Illinois.
As part of the project, a mix of rooftop and ground-mount solar systems are expected to account for 23 megawatts, with start of construction targeted for the first half of 2019. This commitment moves Walmart closer to its 2025 goal of supplying its global operations with 50 percent renewable energy. According to the U.S. Environmental Protection Agency (EPA) Greenhouse Gas Equivalencies Calculator, the amount of anticipated annual carbon offset by this initiative will be equal to the amount of carbon sequestered by over 24,000 acres of U.S. forest in one year – the size of Elgin, Ill.
“Solar is a vital component of Walmart’s expanding renewable energy portfolio,” said Mark Vanderhelm, vice president of energy for Walmart Inc. “Walmart plans to tirelessly pursue renewable energy projects that are right for our customers, our business and the environment. These planned projects with SunPower are moving us in the right direction toward our renewable energy goals.”
Walmart is financing the solar projects through a power purchase agreement (PPA) arranged by SunPower, allowing Walmart to buy power at competitive prices and hedge against future utility rate increases with no upfront capital costs. Walmart will own the renewable energy credits associated with the system.
“We commend Walmart for its leadership in driving corporate renewable energy adoption in the United States and for partnering with SunPower to deliver high-efficiency, high-quality solar to so many of its stores and facilities,” said Nam Nguyen, SunPower Executive Vice President, Commercial Americas. “As the top U.S. commercial solar provider and with over 30 years of experience, SunPower is well positioned to help Walmart increase its renewable energy investments in a cost-effective manner.”
In Illinois, smart state policy and rising utility rates make solar a smart investment for commercial customers. These installations will represent a 25 percent increase in Illinois’ current solar capacity and will generate enough electricity to power nearly 30,000 homes.
“Illinois Solar Energy Association is committed to advancing solar locally, enabling companies like Walmart – with stores and employees across our great state – to realize the economic and environmental value of renewable energy,” said Lesley McCain, Executive Director of the Illinois Solar Energy Association. “These projects will create hundreds of jobs for Illinois’ growing solar workforce while reducing pollution across the state.”
Walmart Inc. (NYSE: WMT) helps people around the world save money and live better – anytime and anywhere – in retail stores, online, and through their mobile devices. Each week, nearly 265 million customers and members visit our more than 11,200 stores under 55 banners in 27 countries and eCommerce websites. With fiscal year 2018 revenue of $500.3 billion, Walmart employs over 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com, on Facebook at http://facebook.com/walmart and on Twitter at http://twitter.com/walmart.
As one of the world’s most innovative and sustainable energy companies, SunPower (NASDAQ:SPWR) provides a diverse group of customers with complete solar solutions and services. Residential customers, businesses, governments, schools and utilities around the globe rely on SunPower’s more than 30 years of proven experience. From the first flip of the switch, SunPower delivers maximum value and superb performance throughout the long life of every solar system. Headquartered in Silicon Valley, SunPower has dedicated, customer-focused employees in Africa, Asia, Australia, Europe, and North and South America. For more information about how SunPower is changing the way our world is powered, visit www.sunpower.com.
SUNPOWER’S FORWARD LOOKING STATEMENTS:
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding project plans and timelines, product performance and expected energy output, and relative generating capacity. These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to challenges inherent in constructing and maintaining certain of our large projects and fluctuations or declines in the performance of our solar panels and other products and solutions. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.” Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpower.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.
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