The five projects in Princeton, Hamilton and Union mark the first of many in DDR portfolio that are being considered for solar power generation. SunEdison and DDR entered into a partnership last year that gives SunEdison the rights to deploy solar energy systems at more than 130 shopping centers throughout the US.
Through SunEdison’s Real Estate Investment Trust (REIT) solar programme, DDR will purchase the energy produced for common area usage while earning revenue on the leased roof space for solar power production.
Marc Feldman, senior vice president of new business development at DDR, said: “There are significant environmental benefits realized by producing renewable energy without generating noise, pollution, or greenhouse gases. Our tenants also benefit because we are able to reduce energy expenditures for the common areas of the shopping center and provide them with the opportunity to purchase the power generated. Plus we increase our operating income by leasing our roof space for solar power hosting.”
There are eight projects in New Jersey that are currently active or under construction. Once these regional sites are all active they will generate approximately 1.4 million kWh of solar energy in the first year. Over 20 years, the sites will generate approximately 26 million kWh.
