Gap Inc. to host 1 Megawatt Solar Power System on West Coast Distribution Campus
Company Teams with MMA Renewable Ventures to Add Clean Power to Northern California Grid
San Francisco, CA, October 16, 2007
Source: GAP Inc press release
http://gapinc.com/public/Media/Press_Releases/med_pr_solar101607.shtml
Gap Inc. (NYSE: GPS) today announced plans to host a one megawatt (MW) solar power system at its West Coast distribution center in Fresno, Calif. Slated for completion next year, the system is expected to generate approximately 1.9 million kilowatt-hours (kWh) annually – equivalent to the electricity required to power approximately 350 homes. The system will occupy five acres of land adjacent to Gap Inc.’s distribution center campus and will be financed, owned and operated by MMA Renewable Ventures, LLC, a subsidiary of Municipal Mortgage & Equity, LLC (NYSE: MMA). Under the terms of a long term Power Purchase Agreement (PPA), Gap Inc. will buy predictably priced power from MMA Renewable Ventures for the next 20 years, shielding the company from rising energy costs.
“Our decision to host a solar power system at our distribution center is a key part of our commitment to reducing our impact on the environment and finding better ways to do business,” said Kindley Walsh Lawlor, senior director of strategic planning and environmental affairs for Gap Inc. “The solar installation represents a significant effort to support the development of additional solar capacity in California.”
Developed in part with 3 Phases Energy, MMA Renewable Ventures contracted with Silicon Valley-based SunPower for the system design and construction which will incorporate more than 5,000 panels on a mounted track. The SunPower Tracker® system to be used follows the sun across the sky, optimizing efficiency and conversion of sunlight into power and delivering reliable, low-cost electricity throughout the day.
“This project demonstrates that, under experienced management, solar energy can deliver dependable energy and long-term cost savings,” said Matt Cheney, CEO of MMA Renewable Ventures. “It’s encouraging to see one of the country’s top retailers moving to solar, and we commend Gap’s continued commitment to renewable energy.”
Gap Inc. is committed to operating its business in a way that is mindful of long-term environmental sustainability. The company’s environmental strategy focuses on three areas where its efforts can have the greatest positive impact: Energy conservation, Cotton/sustainable product design, and Output/waste reduction (or “ECO”).
More information about Gap Inc.’s efforts to reduce its impact on the environment can be found in the company’s recently released 2005-2006 Social Responsibility Report. The report is available online at
www.gapinc.com/socialresponsibilityreport.