Walmart, SunPower Announce 23-Megawatt Solar Agreement
Renewable energy agreement is projected to cover 21 sites in Illinois
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.
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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.”
About Walmart
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.
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.
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.
© 2018 SunPower Corporation. All Rights Reserved. SUNPOWER and the SUNPOWER logo are registered trademarks of SunPower
Corporation in the U.S. and other countries as well.
MEDIA CONTACTS:
Walmart Media Relations
Micah Ragland, 1-800-331-0085
news.walmart.com/reporter
or
SunPower Media Relations
Amy Smith, Corporate Communications Manager
408-457-2718
amy.smith@sunpower.com
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