Milpitas Unified School District, Chevron Energy Solutions and Bank of America Announce Completion of 3.4 MW Solar and Energy Efficiency Project

MILPITAS, Calif., Dec. 15 /PRNewswire/ — Milpitas Unified School
District, Chevron Energy Solutions and Bank of America announced today the
completion of a 14-site, district-wide solar and energy efficiency project
designed to supply 75 percent of the district’s total annual electricity needs
through solar energy.

The 3.4-megawatt solar parking canopies and shade structures generate what
is believed to be the highest percentage of solar power for any K-12 school
district in the United States and supplies 100 percent of the district’s power
during the summer months when California’s peak-demand electricity needs are
greatest.

The program benefits the district and school community in several ways:

— Reduced Energy Costs – The program is designed to reduce the district’s
energy costs by more than 22 percent and save the district’s general fund $12
million over the life of the solar project, while providing budget
predictability through known energy costs.

— Solar Energy – The solar project will reduce the district’s purchase of
utility power, which in turn will reduce carbon emissions by an estimated
23,600 metric tons, equivalent to planting 270 acres of trees.

— Education Programs – The project provides learning opportunities for
students by having the solar panels on site as well as a kiosk that provides
information about the energy the panels generate and the energy management
software.

— Shade – The new solar-paneled structures provide shade for cars and
people.

“We are proud to be generating renewable, ultraclean power at our
district’s facilities while achieving cost savings for our general fund,” said
Dr. Karl Black, superintendent of Milpitas Unified School District. “This
project wouldn’t have been possible without the support we received from David
Thorman, state architect of California, and his team and our collaboration
with Chevron Energy Solutions and Bank of America.”

Chevron Energy Solutions, a unit of Chevron (NYSE: CVX), engineered and
constructed the parking canopies and shade structures mounted with solar
photovoltaic arrays at 13 schools and one district site, and installed energy
management software on the district’s computers to improve energy efficiency.
The company will provide maintenance for the solar power system as well as
measure and guarantee its performance. Chevron Energy Solutions has developed
hundreds of projects involving energy efficiency or renewable power for
education, government and business customers in the U.S. since 2000.

Bank of America, through the Banc of America Public Capital Corp
Environmental Services team, structured and provided financing for the project
as part of its $20 billion environmental initiative. The California Solar
Initiative and other incentives offset the overall cost of the program by $4.2
million.

The dedication of the solar panels is being celebrated today at Thomas
Russell Middle School in Milpitas at an event attended by students,
government, business and district officials. The project was completed ahead
of schedule and within budget.

“There is a growing need for new sources of clean energy and solutions
that reduce energy costs,” said Jim Davis, president of Chevron Energy
Solutions. “Milpitas Unified School District and other education institutions
are part of a growing trend. They’re demonstrating how solar and energy
efficiency programs can achieve not only environmental benefits, but also cost
savings that can help schools weather the recent budget cuts.”

“Bank of America provides strategic financing solutions for renewable
energy and energy efficiency projects throughout the public and private
sectors,” said Linda Crothers, president of Banc of America Public Capital
Corp. “We are excited to see the completion of this project with the Milpitas
Unified School District. It’s another indication that school districts large
and small can go solar, save money and reduce their carbon footprint.”

About Milpitas Unified School District

The Milpitas Unified School District is a high-achieving and growing K-12
district located in the heart of Silicon Valley. The student population, which
is just under 10,000, is rich in ethnic and cultural diversity. The district
serves the academic needs of over 95 per cent of the children living in the
city of Milpitas. The district has nine elementary schools, two middle
schools, one comprehensive high school, one alternative high school and a
community day school. In addition to the K-12 program, the district also
provides the community with day care, preschool and adult education programs.
The district is fortunate to have dedicated and caring teachers,
administrators, support staff and Board of Education. In addition, the
district enjoys the support of the city of Milpitas, business and the local
community. The district exemplifies its vision of “Every Student Valued, Every
Student Challenged, and Every Student Successful.”

About Chevron Energy Solutions

Chevron Energy Solutions provides public institutions and businesses with
environmentally sound programs that increase energy efficiency, reduce energy
costs and ensure reliable, high-quality power for critical operations. The
company employs proven technologies to meet customers’ specific needs. Its
parent, Chevron Corporation, is investing across the energy spectrum to
develop energy sources for future generations by expanding the capabilities of
alternative and renewable energy technologies. Chevron spent approximately
$2 billion on alternative and renewable energy development between 2002 and
2006, and expects to spend more than $2.5 billion between 2007 and 2009. For
more information, please visit http://www.chevronenergy.com and
http://www.chevron.com.

About Bank of America

Bank of America (NYSE: BAC) is one of the world’s largest financial
institutions, serving individual consumers, small and middle market businesses
and large corporations with a full range of banking, investing, asset
management and other financial products and services. The company’s Global
Corporate and Investment Banking group (GCIB) focuses on companies with annual
revenues of more than $2.5 million; middle-market and large corporations;
institutional investors; financial institutions; and government entities. GCIB
provides innovative services in M&A, equity and debt capital raising, lending,
trading, risk management, treasury management and research. Bank of America
serves clients in 150 countries and has relationships with 99 percent of the
U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Many of
the bank’s services to corporate and institutional clients are provided
through its U.S. and UK subsidiaries, Banc of America Securities LLC and Banc
of America Securities Limited. For additional information, visit
http://www.bankofamerica.com.

     Contacts:
     Marivel Valdez, Milpitas Unified School District, 408-635-2600
     Diane Padurean, Chevron Energy Solutions, 415-733-4629
     Colleen Haggerty, Bank of America, 213-621-7414

[Via http://www.prnewswire.com]

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