Jan 22 2010
SunEdison and Developers Diversified Realty announced the activation of five solar power projects in Hamilton, Union and Princeton, New Jersey. SunEdison is the largest solar power services provider and Developers Diversified Realty owns and manages shopping centers across the world.
Developers Diversified Realty had entered into an agreement with SunEdison last year giving rights for SunEdison to install solar power systems at more than 130 shopping centers across the United States. Developers Diversified will be purchasing power produced from the roof top solar installation for use in common area of shopping centers through SunEdison’s REIT Solar Program. The company had leased the roof space for solar power generation and will be earning revenues. The tenants in the shopping centers can also purchase the renewable energy through the program.
Marc Feldman, senior vice president of new business development for Developers Diversified, said that by generating power from renewable sources, substantial environmental benefits are realized. Feldman further added that with the reduction of energy costs for the common areas in the shopping centers, the tenants are benefited. The tenants also are further benefited with the option provided for them to purchase the energy from the system through the SunEdison’s REIT Solar Program.
In New Jersey, there are eight projects under construction or active. All the projects in the region when activated will be generating about 1.4 million kWh of solar power in the first year of its operation. Over a period of 20 years, about 26 kWh of solar energy will be generated from the sites, which is enough to provide electricity to about 2,400 houses for one year.
Source: www.ddr.com