SAN JOSE, Calif., March 11, 2010 - Chevron Energy Solutions, a unit of Chevron Corporation (NYSE:CVX), and East Side Union High School District in San Jose, California, today announced the start of construction on a 3.7-megawatt solar project that is expected to provide more than $1.5 million in budget relief to the district's general fund in the first year and $7.6 million over five years. It is anticipated that the project will reduce the district's electric utility costs by 30 percent and deliver $36 million in savings over the life of the project.
"Our schools will all benefit from these savings, especially in these tough economic times when they're needed most," said East Side Union High School District Interim Superintendent Dan Moser. "Also, this project reduces our carbon footprint and allows us to incorporate solar into our teaching curriculum so our teachers and students can learn about renewable energy technologies firsthand."
The solar panels at six school sites will generate enough power to light more than 250,000 average-sized compact fluorescent light bulbs. The district will also reduce its purchase of utility power through this project, which is expected to reduce carbon emissions by more than 3,100 metric tons per year, equivalent to planting more than 980 acres of trees. Through professional development workshops, the district's teachers will learn how they can use hands-on solar kits and activity guides in the classroom to teach students about solar energy.
Chevron Energy Solutions, will design, build, operate, maintain, measure and guarantee the solar energy system's performance for the district. The project will also help stimulate the local Silicon Valley economy by hiring more than 100 local union contractors. Chevron Energy Solutions is the nation's largest installer of solar energy for education institutions and has developed hundreds of projects involving energy efficiency and renewable power for education, government and business customers in the United States since 2000.
"We are pleased to help East Side Union High School District celebrate its 60th anniversary by creating savings and learning opportunities through solar energy," said Jim Davis, president of Chevron Energy Solutions. "This project is a prime example of how education institutions can use solar projects to provide budget relief and teach the next generation about clean technologies."
The groundbreaking for this project is being celebrated today at Santa Teresa High School in San Jose, at an event attended by students and district, government and business officials. The project is expected to be completed later this year.
Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company's success is driven by the ingenuity and commitment of its employees and their application of the most innovative technologies in the world. Chevron is involved in virtually every facet of the energy industry. The company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
Some of the items discussed in this press release are forward-looking statements about the activities of Chevron Energy Solutions, a unit of Chevron Corporation. Words such as "anticipates," "expects," "projects," "intends," "plans," "targets," "projects," "believes," "seeks," "estimates" and similar expressions are intended to identify such forward- looking statements. The statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.