Innovative partnership is a model for other public sector renewable energy
programs
SAN JOSE, Calif., July 25 /PRNewswire/ -- San Jose Unified School
District today announced that it has entered into a unique partnership with
Chevron Energy Solutions and Bank of America to establish what is believed
to be the largest solar power and energy-efficient facilities program in
K-12 education in the United States.
The program, which includes installation of five megawatts of solar
power, is expected to provide the following benefits:
-- More than $25 million in energy cost savings to the district over the
life of
the solar power system;
-- District budget stability and predictability through known energy
costs;
-- No district capital investment required;
-- 25 percent reduction in the district's demand for utility power;
-- Reduction of 37,500 tons of carbon dioxide emissions, equivalent to
planting 400 acres of trees.
"This program is the result of years of research and commitment on the
part of San Jose Unified's Board and is living proof that schools can
improve their facilities and help the environment without tapping their
capital budgets," said Jorge Gonzalez, president of the district board of
education. "It's also an educational opportunity -- it can help teach our
school communities about energy efficiency and renewable power."
Under the program, Chevron Energy Solutions, a unit of Chevron (NYSE:
CVX), will design, build, operate and maintain a total of five megawatts of
solar photovoltaic arrays at the district's schools, and will measure,
verify and guarantee the solar energy system's performance. Since 2000,
Chevron Energy Solutions has developed more than 800 projects involving
energy efficiency or renewable power for education, government and business
customers in the U.S.
As part of its equipment finance and management business, Bank of
America will own the solar equipment and through the company's Energy
Services Financing Solutions team, sell power to the district under a
service contract at rates significantly below market utility rates.
The first phase of the program will include a total of two megawatts of
solar arrays, to be installed on roofs at Gunderson High School and San
Jose High Academy and on parking lot shade canopies at Gunderson, Pioneer
and Leland High Schools and San Jose High Academy. Construction of the
first phase will begin this summer and be completed by early 2008.
The program's subsequent phases will also include energy efficiency
measures that will further reduce the district's energy purchases and
operating costs.
"To meet the world's growing demand for energy, economic new sources of
clean energy are needed -- including solar power and energy efficiency,"
said Jim Davis, president of Chevron Energy Solutions. "This innovative
program demonstrates that school districts can play an important role in
this new energy equation. We're delighted to be a partner in this
collaboration that clearly benefits the community and the environment."
The first phase solar equipment costs will be offset by $4.2 million in
incentives obtained through the California Solar Initiative in addition to
federal investment tax credits. The first phase is expected to save the
district $15 million, or about one-third of current energy costs at the
four high schools, over the 25-year life of the power system.
"We are proud to partner with San Jose Unified School District and
Chevron Energy Solutions by providing a creative and cost effective
financing solution for this renewable energy program," said Doug Bowers,
president of Banc of America Leasing. "Through programs like this one, Bank
of America continues to demonstrate its commitment to supporting
environmentally sustainable energy initiatives."
Bank of America recently committed $20 billion to support the growth of
environmentally sustainable business activity to address global climate
change. A 10-year initiative, it encourages development of environmentally
sustainable business practices through lending, investing, philanthropy and
the creation of new products and services.
About San Jose Unified School District
San Jose Unified School District serves approximately 31,000 students
from kindergarten through grade twelve in Silicon Valley. Covering more
than one hundred square miles, San Jose Unified has 27 elementary schools,
6 middle schools, and 6 comprehensive high schools. The district's schools
have received 33 California Distinguished School Awards, 11 National Blue
Ribbon Recognitions and 5 Seals of Excellence Awards from the California
Association of Bilingual Educators. They have twice received the Silver
level California Award for Performance Excellence from the California
Council for Excellence for their performance management systems. National
School Board's Association has honored SJUSD with the Magna Award for their
various public engagement initiatives. Further information regarding SJUSD
can be obtained at http://www.sjusd.org.
About Chevron Energy Solutions
Chevron Energy Solutions provides public institutions and businesses
with environmentally sound projects that increase energy efficiency, reduce
energy costs and ensure reliable, high-quality power for critical
operations. The company employs proven technologies to meet customers'
specific needs. Its parent, Chevron Corporation, is investing across the
energy spectrum to develop energy sources for future generations by
expanding the capabilities of alternative and renewable energy
technologies. Chevron spent about $2 billion on alternative and renewable
energy development between 2002 and 2006, and expects to spend more than
$2.5 billion on this between 2007 and 2009. For more information, please
visit http://www.chevronenergy.com and http://www.chevron.com.
About Bank of America
Bank of America (NYSE: BAC) is one of the world's largest financial
institutions, serving individual consumers, small and middle market
businesses and large corporations with a full range of banking, investing,
asset management and other financial products and services. The company's
Global Corporate and Investment Banking group (GCIB) focuses on companies
with annual revenues of more than $2.5 million; middle-market and large
corporations; institutional investors; financial institutions; and
government entities. GCIB provides innovative services in M&A, equity and
debt capital raising, lending, trading, risk management, treasury
management and research. Bank of America serves clients in 175 countries
and has relationships with 98 percent of the U.S. Fortune 500 companies and
80 percent of the Global Fortune 500. Many of the bank's services to
corporate and institutional clients are provided through its U.S. and UK
subsidiaries, Banc of America Securities LLC and Banc of America Securities
Limited. For additional information, visit http://www.bankofamerica.com/
SOURCE Chevron Energy Solutions; Bank of America; San Jose
Unified School
 back to top
Related links:
http://www.chevron.com
http://www.sjusd.org http://www.bankofamerica.com
CONTACT:
Karen Fuqua of San Jose Unified School
District, +1-408-535-6444; or Diane Padurean of Chevron Energy
Solutions, +1-415-733-4629; or Colleen Haggerty of Bank of
America, +1 213-621-7414
|
