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2014

Chevron to Build 1MW Solar Facility at Questa Mine

Demonstration project will be the largest concentrating solar photovoltaic installation in the U.S.

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SANTA FE, N.M., Feb. 23 /PRNewswire/ -- In the presence of Governor Bill Richardson, Chevron Mining Inc. (CMI), a subsidiary of Chevron Corp (NYSE: CVX) announced that sister company Chevron Technology Ventures (CTV), will build a one megawatt concentrating photovoltaic solar facility on the tailing site of CMI's molybdenum mine in Questa, New Mexico.  The project will demonstrate and evaluate an emerging solar technology and a practical use of previously impacted land.

"It is gratifying to have the support of the local community, state and federal agencies," said Fred Nelson, CMI president.  "We are pleased to move forward with this project that will make use of Questa's outstanding solar resource and help provide renewable energy to the community."

The electricity produced will be sold to Kit Carson Electric Cooperative through a power purchase agreement.  Project construction is scheduled to begin in spring 2010 and conclude by year-end.

"Kit Carson is excited to work with Chevron in this technology demonstration", said Luis Reyes, Jr., Chief Executive Officer of the Electric Cooperative.  "We believe this project will build on our experience and leadership in renewable energy and create opportunities for valuable learning that we can utilize in the future."

“Five years ago, the Village of Questa developed a vision that it could become a leader in solar generation and production,” said Mayor Malaquias Rael.  “Today is the culmination of that vision and through this partnership with Chevron, our vision is becoming a reality.  This is the first step and we hope others will come to work together to fulfill the full dimension of that vision.”

The facility will include approximately 175 solar panels placed on about 20 acres of the Questa Mine's tailings site.  The project will be implemented in conjunction with an evaluation of various soil cover depths for closure of the tailing facility at the end of mining operations.

"This will be the largest CPV installation in the U.S. and one of the largest in the world," said Des King, CTV president. "The demonstration will help us understand the benefits of CPV technology and determine its applicability in other Chevron operations and properties."

Chevron will install concentrating photovoltaic technology that uses lenses to collect and focus direct sunlight onto layers of high efficiency cells. This technology is expected to work best in areas which have higher direct solar radiation such as New Mexico. Concentrix Solar GmbH has been selected by CTV to provide the concentrating photovoltaic system.

About Chevron Mining Inc

Chevron Mining Inc. is a diversified coal and metal mining company with four US-based mines, including an underground coal mine in Alabama, two surface coal mines in Wyoming and New Mexico, and an underground molybdenum mine in New Mexico.  The company is a wholly-owned subsidiary of Chevron Corporation and is headquartered in Englewood, CO.

About Chevron Technology Ventures

Chevron Technology Ventures (CTV), a division of Chevron, USA, Inc., champions innovation, commercialization and integration of emerging technologies and related new business models within Chevron. CTV is pursuing this goal through business units involving biofuels, emerging energy and venture capital.

CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.

Some of the items discussed in this press release are forward-looking statements about Chevron's operations. These statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Chevron Mining Inc.



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