SAN JOSE, Calif., Oct. 29, 2019 /PRNewswire/ -- SunPower (NASDAQ:SPWR) today announced construction is underway on the Lost Hills Solar Project. The 35-megawatt DC (29-megawatt AC) system will feature Performance Series solar panels assembled in Hillsboro, Oregon, and deliver low-carbon electricity to Chevron's (NYSE: CVX) Lost Hills oil field in Kern County, Calif., under a power purchase agreement. Over the project's term of up to 20 years, it is estimated to produce more than 1.4 billion kilowatt hours of clean solar energy, thereby reducing carbon dioxide (CO2) emissions by approximately 1 million metric tons. This is equivalent to offsetting the CO2 emissions of 118,550 homes' energy use for one year.
"For over 140 years, Chevron has delivered the energy that improves lives and enables human progress," said Allen Satterwhite, President, Chevron Pipeline & Power. "As global demand for energy continues to grow, we are committed to supporting affordable, reliable, ever-cleaner energy and to exploring increased use of renewables in support of our business. Advancing economically viable renewable energy projects which scale is part of the equation and this project represents a meaningful step in our energy journey."
The Lost Hills Oil Field has been a source of energy since it was discovered in 1910, producing more than 460 million barrels of oil equivalent over the past 40 years. Once complete in early 2020, the solar project is expected to provide power to the Lost Hills production and processing facilities and offices, meeting approximately 80 percent of its energy needs. Goldman Sachs Renewable Power (GSRP) will own the system and Chevron will receive environmental credits under the state of California's Low Carbon Fuel Standard (LCFS) program.
"Companies across industries are looking for solutions to a low carbon footprint, and the Chevron project is one more example of how organizations and influencers across industries and geographies are moving the world toward a new energy future," said Nam Nguyen, SunPower executive vice president, commercial solar. "We commend Chevron for its vision and commitment to reducing its carbon footprint and are excited to partner with Chevron to deploy SunPower's industry-leading solar solutions to this unique Lost Hills project."
SunPower is currently the No. 1 commercial solar provider in the U.S. for the second consecutive year with the most megawatts installed, according to Wood Mackenzie. For more information on why SunPower is an ideal energy partner for businesses, visit www.sunpower.com/commercial.
About SunPower 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.
About GSAM Renewable Power Group The Goldman Sachs Asset Management (GSAM) Renewable Power Group is comprised of investment professionals with leading industry expertise across transaction sourcing, financial analysis, power markets and physical asset analysis and operations. The team takes a long-term ownership approach to the operations and management of renewable assets and benefits from Goldman Sachs' extensive network of relationships, leading institutional infrastructure and in-house industry knowledge and experience. The group is part of GSAM, one of the world's leading asset managers with more than $1 trillion in assets under supervision globally as of June 30, 2019.
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, projected energy output, and product performance. 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: regulatory changes and the availability of economic incentives promoting use of solar energy, challenges inherent in constructing 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 https://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.