http://www.csrwire.com/News/9913.html10.16.2007 - 11:00am ET
Press release from: Gap Inc.
Gap Inc. to Host 1 Megawatt Solar Power System on West Coast Distribution Campus
Company Teams with MMA Renewable Ventures to Add Clean Power
(CSRwire) SAN FRANCISCO, CA – October 16, 2007 – Gap Inc. (NYSE: GPS) today announced plans to host a one megawatt (MW) solar power system at its West Coast distribution center in Fresno, Calif. Slated for completion next year, the system is expected to generate approximately 1.9 million kilowatt-hours (kWh) annually - equivalent to the electricity required to power approximately 350 homes.
The system will occupy five acres of land adjacent to Gap Inc.'s distribution center campus and will be financed, owned and operated by MMA Renewable Ventures, LLC, a subsidiary of Municipal Mortgage & Equity, LLC (NYSE: MMA). Under the terms of a long term Power Purchase Agreement (PPA), Gap Inc. will buy predictably priced power from MMA Renewable Ventures for the next 20 years, shielding the company from rising energy costs.
"Our decision to host a solar power system at our distribution center is a key part of our commitment to reducing our impact on the environment and finding better ways to do business," said Kindley Walsh Lawlor, senior director of strategic planning and environmental affairs for Gap Inc. "The solar installation represents a significant effort to support the development of additional solar capacity in California."
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