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), broke ground today on a 4.4-megawatt (MW) solar power project at the company’s World Headquarters in Camden, N.J. Scheduled to come online in fall 2017, the system will provide energy to Campbell through a 20-year power purchase agreement (PPA) and generate more than 5 million kilowatt hours of electricity per year. Upon completion, the solar array will become the largest in the city of Camden.
The project, developed by BNB, will feature SunPower’s innovative rooftop, carport and ground-mount solar solutions, which are designed to optimize power production for commercial customers like Campbell.
At Campbell’s 38-acre World Headquarters campus, 2.7MW will be installed on the rooftops of existing structures and on new solar canopies that will be erected in the parking lots. An additional 1.7MW will be installed 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.
Under the 20-year PPA, Campbell will buy electricity generated by the solar project at a predetermined rate. The fixed PPA rate, which is currently lower than the cost of traditional electricity for Campbell, provides the company with long-term visibility for this portion of its electricity costs.
The system in Camden will be the third solar project that BNB has developed for Campbell, following the 9.8MW system at Campbell’s facility in Napoleon, Ohio, and the 1MW system at Campbell’s Pepperidge Farm bakery in Bloomfield, Conn. Both of those projects also use SunPower’s high-efficiency solar panels.
“We’re excited to partner once again with BNB and SunPower to add a third solar array to Campbell’s U.S. footprint,” said Jim Prunesti, Vice President, Global Engineering, Campbell. “This project contributes clean energy to the local grid and demonstrates to our community the viability of renewable energy sources, all while supporting Campbell’s sustainability strategy to deliver long-term value to our business and neighborhoods.”
BNB and ORIX USA, a diversified financial company with a strong commitment to renewables, will jointly own the project. The term debt is being financed through PSE&G’s Solar Loan Program.
“Bringing a cost-saving solar system to Campbell’s World Headquarters marks a great moment, and we see a bright future for other Fortune 500 companies who follow Campbell’s lead and turn to renewable energy to stabilize energy costs and reap rewards from the sun,” said Matthew Baird, managing partner of BNB. “We are most proud of our collaborative work with Campbell, SunPower, ORIX, and PSE&G to make this project a reality.”
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. “It’s an honor that Campbell and BNB have chosen SunPower once again as a solar partner for this project,” said Nam Nguyen, SunPower executive vice president. “We look forward to delivering the highest quality experience through our innovative solutions.”
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 and Garden Fresh Gourmet. 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!
SunPower 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 timelines, future projects, projected energy output, and cost savings. 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 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.sunpowercorp.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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