Campbell Soup Company - 4.4 MW Corporate PPA deal

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CAMDEN, N.J.–(BUSINESS WIRE)–May 17, 2017–
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), broke ground today on a 4.4-megawatt (MW) solar
power project at the company’s World Headquarters in Camden, N.J.
Scheduled to come online in fall 2017, the system will provide energy to
Campbell through a 20-year power purchase agreement (PPA) and generate
more than 5 million kilowatt hours of electricity per year. Upon
completion, the solar array will become the largest in the city of

The project, developed by BNB, will feature SunPower’s innovative
rooftop, carport and ground-mount solar solutions, which are designed to
optimize power production for commercial customers like Campbell.

At Campbell’s 38-acre World Headquarters campus, 2.7MW will be installed
on the rooftops of existing structures and on new solar canopies that
will be erected in the parking lots. An additional 1.7MW will be
installed 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.

Under the 20-year PPA, Campbell will buy electricity generated by the
solar project at a predetermined rate. The fixed PPA rate, which is
currently lower than the cost of traditional electricity for Campbell,
provides the company with long-term visibility for this portion of its
electricity costs.

The system in Camden will be the third solar project that BNB has
developed for Campbell, following the 9.8MW system at Campbell’s
facility in Napoleon, Ohio, and the 1MW system at Campbell’s Pepperidge
Farm bakery in Bloomfield, Conn. Both of those projects also use
SunPower’s high-efficiency solar panels.

“We’re excited to partner once again with BNB and SunPower to add a
third solar array to Campbell’s U.S. footprint,” said Jim Prunesti, Vice
President, Global Engineering, Campbell. “This project contributes clean
energy to the local grid and demonstrates to our community the viability
of renewable energy sources, all while supporting Campbell’s
sustainability strategy to deliver long-term value to our business and

BNB and ORIX USA, a diversified financial company with a strong
commitment to renewables, will jointly own the project. The term debt is
being financed through PSE&G’s Solar Loan Program.

“Bringing a cost-saving solar system to Campbell’s World Headquarters
marks a great moment, and we see a bright future for other Fortune 500
companies who follow Campbell’s lead and turn to renewable energy to
stabilize energy costs and reap rewards from the sun,” said Matthew
Baird, managing partner of BNB. “We are most proud of our collaborative
work with Campbell, SunPower, ORIX, and PSE&G to make this project a

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.

“It’s an honor that Campbell and BNB have chosen SunPower once again as
a solar partner for this project,” said Nam Nguyen, SunPower executive
vice president. “We look forward to delivering the highest quality
experience through our innovative solutions.”

Source: Campbellsoupcompany

Capacity: 4.4 MW
Year: 2017
Structure: Onsite


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