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San Jose Unified School District, Chevron Energy Solutions and Bank of America Announce Completion of Largest K-12 Solar and Energy Efficiency Project in U.S.

Posted on: Thursday, 5 February 2009, 12:00 CST

SAN JOSE, Calif., Feb. 5 /PRNewswire/ -- San Jose Unified School District, Chevron Energy Solutions and Bank of America announced today the completion of what is believed to be the largest K-12 solar and energy efficiency project in the United States.

The project, which includes a total of 5.5 megawatts of solar power at 14 district sites, is expected to reduce the district's energy costs by more than 30 percent. Reductions in energy costs are expected to save the district's general fund more than $25 million over the 25-year life of the project. The district was not required to provide any capital investment, allowing it to retain its capital budget for other important infrastructure projects.

"San Jose Unified School District remains on the 'cutting edge' of change, whether it is bringing state of the art technology to our classrooms, best practices for teaching and learning to our staff and students, or in this case a solar and energy efficiency program that not only has a positive impact on our environment but also a positive impact on our budget," said San Jose Unified Superintendent Don Iglesias. "We will continue to seek out partnerships such as these, that are a win-win for the community and benefit San Jose Unified School District."

The district will reduce its purchase of utility power through this program, which is expected to reduce carbon emissions by more than 100,000 metric tons, equivalent to planting more than 1,400 acres of trees. Variable- speed drives and premium high efficiency motors were installed in the district's swimming pools to improve energy efficiency. Students within the San Jose Unified School District will also have the opportunity to learn first hand about energy use and the solar power generated on their campus with the aid of interactive kiosks.

"The Silicon Valley is known for innovation, and this program is no exception. We're proud that our school district is leading the way by having the largest K-12 solar and energy efficiency project in the United States," said Leslie Reynolds, president of the San Jose Unified School District Board of Education. "It is important to show our students and other school districts that we can generate renewable power at our facilities without capital investment from the district and still achieve cost savings for our general fund."

Chevron Energy Solutions, a unit of Chevron (NYSE: CVX), designed, built and operates the solar photovoltaic arrays for the district. The company also provides maintenance for the solar energy system and measures and guarantees its performance. Chevron Energy Solutions is the nation's largest installer of solar energy for education institutions and has developed hundreds of projects involving energy efficiency or renewable power for education, government and business customers in the U.S. since 2000.

"San Jose Unified School District is a prime example of how educational institutions can combine solar and energy efficiency programs to achieve environmental benefits and cost savings, which is especially important in these economic times," said Jim Davis, president of Chevron Energy Solutions. "We are pleased to be part of this project that is generating clean, renewable power."

Bank of America, through the Banc of America Public Capital Corp Energy Services team, owns the solar equipment and sells power to the district under a service contract at set rates significantly below market utility rates, providing the district savings and energy cost predictability. The California Solar Initiative and other incentives offset the overall cost of the program by more than $11 million.

"It's rewarding to know that school districts like San Jose Unified School District will benefit substantially from this type of project," said Linda Crothers, president of Banc of America Public Capital Corp. "We are pleased to provide financing to public and private sector projects so our clients can use solar to save money and reduce their carbon footprint. These efforts are part of Bank of America's 10-year, $20 billion environmental initiative to address climate change."

The dedication of the project is being celebrated today at Willow Glen Middle School and High School in San Jose at an event attended by students, government, business and district officials. The project was completed on time and within budget.

About San Jose Unified School District

San Jose Unified School District serves approximately 32,000 students from kindergarten through grade twelve in Silicon Valley. Covering approximately one hundred square miles, San Jose Unified has 25 elementary schools, 2 K-8 schools, 6 middle schools, 6 comprehensive high schools, an award winning continuation high school and exemplary alternative education programs. The district's schools have received 34 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 www.sjusd.org.

About Chevron Energy Solutions

Chevron Energy Solutions designs and constructs sustainable energy projects, including building and renewable energy systems, that increase energy efficiency, reduce energy costs and ensure reliable, high-quality power. Since 2000, Chevron Energy Solutions has developed hundreds of projects involving energy efficiency or renewable power for education, government and business customers in the United States. 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. For more information, please visit www.chevronenergy.com and 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 www.bankofamerica.com.

Contacts: Karen Fuqua, San Jose Unified School District, 408-313-5303 Juliet Don, Chevron Energy Solutions, 415-733-4673 Colleen Haggerty, Bank of America, 213-621-7414

SOURCE Chevron Energy Solutions

Source: PR Newswire

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