Campbell Soup Company (NYSE:CPB), in partnership with BNB Renewable Energy Holdings (BNB), SunPower Corp. (NASDAQ:SPWR), and ORIX USA Corp. (TSE: 8591; NYSE: IX), announced that the 4.4-megawatt (MW) solar power project at the company’s World Headquarters is officially online.
Construction began on the Camden-based project in May 2017. The project joins four existing renewable energy projects at Campbell facilities in the U.S.: a 9.8 MW solar array in Napoleon, Ohio; a 1 MW solar array in Bloomfield, Conn.; and a 1.2 MW fuel cell and 1.4 MW fuel cell in Bloomfield, Conn. In total, these projects contribute more than 27,000 MWh of renewable energy to the grid annually.
“Campbell’s renewable projects are delivering clean energy to the grid and demonstrating the viability of energy sources like solar. They contribute to our long-term sustainability strategy and deliver on our commitment to expand renewable energy,” said Jim Prunesti, Vice President of Global Engineering for Campbell Soup.
The Camden project features rooftop, carport and ground-mount solar solutions, with 2.7MW arrays installed across Campbell’s World Headquarters campus and an additional 1.7MW ground mount array on an adjacent 4.5-acre remediated brownfield that BNB purchased specifically for the project, making use of otherwise unusable land and increasing the capacity of the system. It is the largest solar array in the City of Camden.
The system will generate more than 5 million kilowatt hours of electricity per year, or the equivalent of approximately 20 percent of the annual electricity usage of Campbell’s World Headquarters. Under the terms of a 20-year power purchase agreement (PPA), Campbell has agreed to purchase all electricity from the array at a predetermined rate. The fixed PPA rate, which is currently well below the cost of traditional electricity for Campbell, provides the company with significant savings on power as well as a long-term visibility for this portion of its electricity costs.
The project is jointly owned by BNB and ORIX USA, a diversified financial company with a strong commitment to renewables. BNB is managing the project under a 20-year management services agreement with the project company, BNB Camden Solar LLC. The debt is being financed through PSE&G's Solar Loan Program. The project will also feature five electric vehicle-charging stations, provided by PSE&G via its EV Workplace Charging Program, for use by Campbell employees.
Campbell | http://www.campbellsoupcompany.com
BNB Renewable | http://www.bnbrenewables.com
SunPower | http://www.sunpower.com
ORIX USA | http://www.orix.com
Public Service Electric and Gas Company | http://www.pseg.com