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Milpitas Unified School District, Chevron Energy Solutions and Bank of America Announce Completion of 3.4 MW Solar and Energy Efficiency Project

Posted on: Monday, 15 December 2008, 12:00 CST

MILPITAS, Calif., Dec. 15 /PRNewswire/ -- Milpitas Unified School District, Chevron Energy Solutions and Bank of America announced today the completion of a 14-site, district-wide solar and energy efficiency project designed to supply 75 percent of the district's total annual electricity needs through solar energy.

The 3.4-megawatt solar parking canopies and shade structures generate what is believed to be the highest percentage of solar power for any K-12 school district in the United States and supplies 100 percent of the district's power during the summer months when California's peak-demand electricity needs are greatest.

The program benefits the district and school community in several ways:

-- Reduced Energy Costs - The program is designed to reduce the district's energy costs by more than 22 percent and save the district's general fund $12 million over the life of the solar project, while providing budget predictability through known energy costs.

-- Solar Energy - The solar project will reduce the district's purchase of utility power, which in turn will reduce carbon emissions by an estimated 23,600 metric tons, equivalent to planting 270 acres of trees.

-- Education Programs - The project provides learning opportunities for students by having the solar panels on site as well as a kiosk that provides information about the energy the panels generate and the energy management software.

-- Shade - The new solar-paneled structures provide shade for cars and people.

"We are proud to be generating renewable, ultraclean power at our district's facilities while achieving cost savings for our general fund," said Dr. Karl Black, superintendent of Milpitas Unified School District. "This project wouldn't have been possible without the support we received from David Thorman, state architect of California, and his team and our collaboration with Chevron Energy Solutions and Bank of America."

Chevron Energy Solutions, a unit of Chevron (NYSE: CVX), engineered and constructed the parking canopies and shade structures mounted with solar photovoltaic arrays at 13 schools and one district site, and installed energy management software on the district's computers to improve energy efficiency. The company will provide maintenance for the solar power system as well as measure and guarantee its performance. Chevron Energy Solutions has developed hundreds of projects involving energy efficiency or renewable power for education, government and business customers in the U.S. since 2000.

Bank of America, through the Banc of America Public Capital Corp Environmental Services team, structured and provided financing for the project as part of its $20 billion environmental initiative. The California Solar Initiative and other incentives offset the overall cost of the program by $4.2 million.

The dedication of the solar panels is being celebrated today at Thomas Russell Middle School in Milpitas at an event attended by students, government, business and district officials. The project was completed ahead of schedule and within budget.

"There is a growing need for new sources of clean energy and solutions that reduce energy costs," said Jim Davis, president of Chevron Energy Solutions. "Milpitas Unified School District and other education institutions are part of a growing trend. They're demonstrating how solar and energy efficiency programs can achieve not only environmental benefits, but also cost savings that can help schools weather the recent budget cuts."

"Bank of America provides strategic financing solutions for renewable energy and energy efficiency projects throughout the public and private sectors," said Linda Crothers, president of Banc of America Public Capital Corp. "We are excited to see the completion of this project with the Milpitas Unified School District. It's another indication that school districts large and small can go solar, save money and reduce their carbon footprint."

About Milpitas Unified School District

The Milpitas Unified School District is a high-achieving and growing K-12 district located in the heart of Silicon Valley. The student population, which is just under 10,000, is rich in ethnic and cultural diversity. The district serves the academic needs of over 95 per cent of the children living in the city of Milpitas. The district has nine elementary schools, two middle schools, one comprehensive high school, one alternative high school and a community day school. In addition to the K-12 program, the district also provides the community with day care, preschool and adult education programs. The district is fortunate to have dedicated and caring teachers, administrators, support staff and Board of Education. In addition, the district enjoys the support of the city of Milpitas, business and the local community. The district exemplifies its vision of "Every Student Valued, Every Student Challenged, and Every Student Successful."

About Chevron Energy Solutions

Chevron Energy Solutions provides public institutions and businesses with environmentally sound programs 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 approximately $2 billion on alternative and renewable energy development between 2002 and 2006, and expects to spend more than $2.5 billion 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 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 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.

Contacts: Marivel Valdez, Milpitas Unified School District, 408-635-2600 Diane Padurean, Chevron Energy Solutions, 415-733-4629 Colleen Haggerty, Bank of America, 213-621-7414

SOURCE Chevron Energy Solutions

Source: PR Newswire

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