Carport, Roof and Ground-Mount Arrays to Generate the Equivalent of 20 Percent of Campus’s Electricity Demand
CAMDEN, N.J. –Campbell Soup Company (NYSE:CPB), in partnership with BNB Renewable Energy Holdings (BNB), SunPower Corp. (NASDAQ:SPWR), and ORIX USA Corp. (TSE: 8591; NYSE: IX), announced today that the 4.4-megawatt (MW) solar power project at the company’s World Headquarters is officially online.
Construction began on the Camden-based project in May 2017. The project joins four existing renewable energy projects at Campbell facilities in the U.S.: a 9.8 MW solar array in Napoleon, Ohio; a 1 MW solar array in Bloomfield, Conn.; and a 1.2 MW fuel cell and 1.4 MW fuel cell in Bloomfield, Conn. In total, these projects contribute more than 27,000 MWh of renewable energy to the grid annually.
“Campbell’s renewable projects are delivering clean energy to the grid and demonstrating the viability of energy sources like solar. They contribute to our long-term sustainability strategy and deliver on our commitment to expand renewable energy,” said Jim Prunesti, Vice President of Global Engineering for Campbell Soup.
The Camden project features rooftop, carport and ground-mount solar solutions, with 2.7MW arrays installed across Campbell’s World Headquarters campus and an additional 1.7MW ground mount array on an adjacent 4.5-acre remediated brownfield that BNB purchased specifically for the project, making use of otherwise unusable land and increasing the capacity of the system. It is the largest solar array in the City of Camden.
The system will generate more than 5 million kilowatt hours of electricity per year, or the equivalent of approximately 20 percent of the annual electricity usage of Campbell’s World Headquarters. Under the terms of a 20-year power purchase agreement (PPA), Campbell has agreed to purchase all electricity from the array at a predetermined rate. The fixed PPA rate, which is currently well below the cost of traditional electricity for Campbell, provides the company with significant savings on power as well as a long-term visibility for this portion of its electricity costs.
The project is jointly owned by BNB and ORIX USA, a diversified financial company with a strong commitment to renewables. BNB is managing the project under a 20-year management services agreement with the project company, BNB Camden Solar LLC. The debt is being financed through PSE&G’s Solar Loan Program. The project will also feature five electric vehicle-charging stations, provided by PSE&G via its EV Workplace Charging Program, for use by Campbell employees.
About Campbell Soup Company
Campbell (NYSE:CPB) is driven and inspired by its Purpose, “Real food that matters for life’s moments.” The company makes a range of high-quality soups and simple meals, beverages, snacks and packaged fresh foods. For generations, people have trusted Campbell to provide authentic, flavorful and readily available foods and beverages that connect them to each other, to warm memories and to what’s important today. Led by the iconic Campbell’s brand, its portfolio includes Pepperidge Farm, Bolthouse Farms, Arnott’s, V8, Swanson, Pace, Prego, Plum, Royal Dansk, Kjeldsens, Garden Fresh Gourmet and Pacific Foods. Founded in 1869, Campbell has a heritage of giving back and acting as a good steward of the planet’s natural resources. The company is a member of the Standard & Poor’s 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo. To learn more about how we make our food and the choices behind the ingredients we use, visit www.whatsinmyfood.com.
Founded in 2004, BNB Renewable Energy Holdings has developed and constructed more than 600MW of wind and solar projects in North America in the last 10 years, having arranged equity and debt financings in excess of a billion dollars. With offices in New York, Pennsylvania, and Texas, BNB has a three-year project pipeline in excess of 1,500MW in North and South America, comprising both distributed-generation and utility-scale renewable projects. For more information, visit www.bnbrenewables.com.
With more than 30 years of proven experience, SunPower is a global leader in solar innovation and sustainability. Our unique approach emphasizes the seamless integration of advanced SunPower technologies, delivering The Power of One® complete solar solutions and lasting customer value. SunPower provides outstanding service and impressive electricity cost savings for residential, commercial and power plant customers. At SunPower, we are passionately committed to changing the way our world is powered. And as we continue shaping the future of Smart Energy, we are guided by our legacy of innovation, optimism, perseverance and integrity. Headquartered in Silicon Valley, SunPower has dedicated, customer-focused employees in Africa, Asia, Australia, Europe, North America and South America. Since 2011, we’ve been majority-owned by Total, the fourth largest publicly-listed energy company in the world. For more information, visit www.sunpower.com.
About ORIX USA Corporation
Since 1981, ORIX USA has provided innovative capital solutions that clients need to propel their business to the next level. Based in Dallas, ORIX USA has a team of more than 700 employees spanning nearly 20 offices across the U.S. and Brazil. ORIX USA and its family of companies offer investment capital and asset management services to clients in the corporate, real estate, municipal and energy sectors, while holding $6 billion of assets and managing an additional $29 billion, approximately. Its parent company, ORIX Corporation, is a Tokyo-based, publicly owned international financial services company with operations in 37 countries and regions worldwide. ORIX Corporation is listed on the Tokyo (8591) and New York Stock Exchanges (IX). For more information on ORIX USA, visit www.orix.com.
Public Service Electric and Gas Company (PSE&G) is New Jersey’s oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state’s population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company. For more information, visit www.pseg.com or visit PSEG on Facebook; PSEG on Twitter; PSEG on LinkedIn; or PSEG’s blog, Energize!