J. C. Penney Company, Inc. (NYSE: JCP) announced plans for solar and wind power projects that will supply electricity to 10 stores and one distribution center. In conjunction with these initiatives, JCPenney also announced plans to obtain Energy Star certification for at least 200 stores.
JCPenney has engaged SunPower Corporation (Nasdaq:SPWR) to install solar power systems on 10 JCPenney stores in California and New Jersey. Producing more than 4 megawatts (MW) of clean electric power.
The solar systems will be financed, owned and operated by a third-party financier, from which JCPenney will purchase the solar-generated electricity under a SunPower AccessTM power purchase agreement. The rooftop installations, expected to be complete in November, will provide immediate savings through lower-than-utility solar energy costs and a long-term energy hedge for nearly 25% of the energy used at the stores. The 10 pilot stores will also benefit from the installation of new energy-efficient lighting and advanced energy management systems that will help reduce their energy consumption.
JCPenney has also reached an agreement with Broadstar Wind Systems on a pilot program to install wind turbines at JCPenney’s 1.6 million-square-foot distribution center in Reno, Nev. The program will utilize Broadstar’s innovative, building-mounted AeroCam wind turbines, which capture energy and generate power more efficiently than conventional three-blade turbines.
The Company has set a goal to achieve Energy Star certification of at least 200 stores across the country by 2011. To be certified, stores must achieve an energy efficiency rating in the top quartile for all retail stores while maintaining appropriate levels of comfort and air quality.
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