BJ's Wholesale Club Powers Up With Direct Energy and SolarCity
Direct Energy and SolarCity to Provide Solar Energy to First Commercial
Customer Via New Fund
NORTH BRUNSWICK, N.J., Oct. 3, 2013 (GLOBE NEWSWIRE) -- Direct Energy, one of
North America's largest energy and energy-related services companies, and
SolarCity® (Nasdaq:SCTY), America's no. 1 full-service solar power provider,
announced today that they will provide solar electricity to a club location of
BJ'S Wholesale Club, a leading operator of warehouse clubs in the eastern
United States. SolarCity will install solar panels at BJ's North Brunswick,
New Jersey location at little to no cost, and BJ's will pay for the solar
electricity produced at a discount to current energy rates.
BJ's North Brunswick location is the first customer to benefit from Direct
Energy and SolarCity's new collaboration to provide solar electricity directly
to businesses, which can make it possible for businesses to pay less than
current rates for clean power*. The companies are providing the BJ's club with
solar electricity through a 20-year power purchase agreement (PPA), which is
part of the dedicated investment fund capable of financing up to $124 million
in solar projects created by Direct Energy and SolarCity last month.
SolarCity's initial design for the 110,000-square-foot BJ's Wholesale Club
features more than 1,600 panels to provide approximately 400 kilowatts of
generation capacity. Based on the current design and the historical energy
usage at the North Brunswick BJ's site, SolarCity expects BJ's to pay more
than 10 percent below current utility rates for solar electricity and to save
hundreds of thousands of dollars over the life of the agreement.
BJ's Wholesale Club has already realized the benefits of solar with various
installations at sites in six East Coast states. In fact, the North Brunswick
location is the 18^th installation in the BJ's Wholesale Club chain.
"Direct Energy and SolarCity made this decision a no-brainer for us," said
Kevin Moran, manager of utility and energy services at BJ's Wholesale Club.
"We'll experience immediate savings with our new solar power system, and will
continue to enjoy the benefits for two decades – a great solution to the
growing costs of powering large clubs like ours."
"Solar is a viable opportunity that positions Direct Energy Business as a
total energy management service provider for commercial and industrial
customers," said Paul Dobson, acting president of Direct Energy Business.
"This long-term agreement with BJ's presents an opportunity for us to expand
beyond our core commodity offering and in the process, build a longer-term
"BJ's Wholesale has been a supporter of clean energy already, and the North
Brunswick installation will allow them to expand their solar electricity
generation, and could allow them to save hundreds of thousands of dollars in
the process," said Lee Keshishian, SolarCity's regional vice president on the
east coast. "Direct Energy has wasted no time helping to make solar more
accessible and affordable to its commercial and industrial customers. We
expect this to be a great partnership."
*Please note this is not a guarantee for future energy costs.
About Direct Energy
Direct Energy is North America's largest provider of heating & cooling,
plumbing and electrical services and a leading energy and energy-related
services provider with over six million residential and commercial customer
relationships. Direct Energy provides customers with choice and support in
managing their energy costs through a portfolio of innovative products and
services. A subsidiary of Centrica plc (LSE:CNA), one of the world's leading
integrated energy companies, Direct Energy operates in 46 U.S. states plus the
District of Columbia and 10 provinces in Canada. To learn more about Direct
Energy, please visit www.directenergy.com.
SolarCity® (Nasdaq:SCTY) provides clean energy. The company has disrupted the
century-old energy industry by providing renewable electricity directly to
homeowners, businesses and government organizations for less than they spend
on utility bills. SolarCity gives customers control of their energy costs to
protect them from rising rates. The company offers solar power, energy
efficiency and electric vehicle services, and makes clean energy easy by
taking care of everything from design and permitting to monitoring and
maintenance. SolarCity currently serves 14 states and signs a new customer
every five minutes. Visit the company online at www.solarcity.com and follow
the company on Facebook & Twitter.
This release contains forward-looking statements including, but not limited
to, statements regarding the number of organizations that can pay less for
solar electricity, the value of the projects that will be financed and the
benefits to BJ's Wholesale Club, SolarCity and Direct Energy. Forward-looking
statements should not be read as a guarantee of future performance or results,
and will not necessarily be accurate indications of the times at, or by, which
such performance or results will be achieved, if at all. Forward-looking
statements are subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in or
suggested by the forward looking statements. You should read the section
entitled "Risk Factors" in SolarCity's registration statement on Form S-1,
which has been filed with the Securities and Exchange Commission and
identifies certain of these and additional risks and uncertainties. SolarCity
does not undertake any obligation to publicly update or revise any
forward-looking statement, whether as a result of new information, future
developments or otherwise.
CONTACT: Andrea Romo
SolarCity Corporation logo
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