SunPower Building 35-Megawatt DC Solar Project to Supply Renewable Energy to Chevron's Lost Hills Oil Field

SunPower on October 29 announced construction is underway on the Lost Hills Solar Project. The 35-megawatt DC (29-megawatt AC) system will feature Performance Series solar panels assembled in Hillsboro, Oregon, and deliver low-carbon electricity to Chevron's (NYSE: CVX) Lost Hills oil field in Kern County, Calif., under a power purchase agreement. Over the project's term of up to 20 years, it is estimated to produce more than 1.4 billion kilowatt hours of clean solar energy, thereby reducing carbon dioxide (CO2) emissions by approximately 1 million metric tons. This is equivalent to offsetting the CO2 emissions of 118,550 homes' energy use for one year.

The Lost Hills Oil Field has been a source of energy since it was discovered in 1910, producing more than 460 million barrels of oil equivalent over the past 40 years. Once complete in early 2020, the solar project is expected to provide power to the Lost Hills production and processing facilities and offices, meeting approximately 80 percent of its energy needs. Goldman Sachs Renewable Power (GSRP) will own the system and Chevron will receive environmental credits under the state of California's Low Carbon Fuel Standard (LCFS) program.

"Companies across industries are looking for solutions to a low carbon footprint, and the Chevron project is one more example of how organizations and influencers across industries and geographies are moving the world toward a new energy future," said Nam Nguyen, SunPower executive vice president, commercial solar. "We commend Chevron for its vision and commitment to reducing its carbon footprint and are excited to partner with Chevron to deploy SunPower's industry-leading solar solutions to this unique Lost Hills project."

SunPower is currently the No. 1 commercial solar provider in the U.S. for the second consecutive year with the most megawatts installed, according to Wood Mackenzie. For more information on why SunPower is an ideal energy partner for businesses, visit www.sunpower.com/commercial.