November 15th, 2007
Chevron Energy Solutions, a unit of Chevron Corporation (NYSE: CVX), and California State University, Fresno (Fresno State), today announced the completion of a large-scale solar power installation at Fresno State that will supply 20 percent of the universityâ€™s annual power needs.
The 1.1-megawatt solar system â€“ the largest photovoltaic (PV)-paneled parking installation at a U.S. university â€“ is expected to save Fresno State more than $13 million in avoided utility costs over its 30-year lifespan.
The 10 structures, which provide the only shaded parking on the campus, comprise 3,872 photovoltaic (PV) panels mounted on top of more than 700 carport stalls constructed in parking lots on the southeast side of campus. The renewable energy system is expected to generate more than 1.5 million kilowatt hours of power each year, offsetting the production of about 950 metric tons of carbon dioxide emissionsâ€”equivalent to planting more than 24,300 new trees or removing more than 200 cars from the road every year.
The project was celebrated today at an event attended by state and local dignitaries, university officials, faculty and staff, energy industry representatives and members of the community.
â€œFresno State is delighted to be a leader in advancing sustainability initiatives and in the conservation of scarce natural resources,â€ said President John D. Welty. â€œThis project is just one of the universityâ€™s â€˜green campusâ€™ initiatives.â€
At the ceremony, Welty signed the Talloires Declaration, committing Fresno State to a 10-point action plan to incorporate sustainability and environmental literacy into teaching, research, operations and outreach at colleges and universities. It has been signed by more than 350 university presidents and chancellors in 40-plus countries.
â€œWeâ€™re delighted to have partnered with Fresno State on this landmark renewable power project,â€™â€ said Jim Davis, president of Chevron Energy Solutions. â€œThis solar installation underscores the universityâ€™s commitment to environmental sustainability and can serve as a model for other campuses within the California State University system.â€
The $11.9 million project cost was partially offset by a $2.8 million rebate administered by Pacific Gas & Electric Co. under the State of Californiaâ€™s Self-Generation Incentive Program. The project was financed through an innovative Power Purchase Agreement with MMA Renewable Ventures, LLC, a subsidiary of Municipal Mortgage & Equity, LLC, â€œMuniMae,â€ (NYSE: MMA), which owns and operates the PV installation. Under a 20-year contract, Fresno State is purchasing the power generated by the solar installation from MMA Renewable Ventures at market-competitive rates.
The solar parking project includes:
- Ten multi-car, covered parking canopies topped with PV panels
- Four publicly located electronic kiosks that provide real-time status of the photovoltaic production, conversion and electricity output
- Parking lot upgrades, including 247 additional parking spots, repaving, landscaping, improved traffic flow measures and additional lighting and security cameras
The covered parking includes spots designated as premium reserved spaces for faculty, staff and students who pay a fee above normal campus parking fees for exclusive use of a stall.
Contacts: Shirley Armbruster, Director of News Services, Fresno State, 559.278.5292
Diane Padurean, Communications Director, Chevron Energy Solutions, 415.733.4629
Alanna Gino, Antenna Group, (for MMA Renewable Ventures), 415-977-1918