NYSE-listed MEMC Electronic Materials’ subsidiary solar energy service provider SunEdison and Developers Diversified Realty have activated five solar power projects in Princeton, Hamilton and Union, New Jersey, as part of the first phase of Developers Diversified’s national rooftop solar programme.
SunEdison and Developers Diversified entered into a partnership last year that gives SunEdison the rights to deploy solar energy systems at more than 130 shopping centres in its portfolio throughout the US. The five projects in Princeton, Hamilton and Union mark the first of many being considered for solar power generation.
Through SunEdison’s REIT solar programme, Developers Diversified will purchase the energy produced for common area usage while earning revenue on the leased roof space for solar power production. In addition, the shopping centre tenants can opt to purchase the power generated through the programme.
‘There are significant environmental benefits realised by producing renewable energy without generating noise, pollution, or greenhouse gases,’ said Marc Feldman, senior vice president of new business development for Developers Diversified. ‘Our tenants also benefit because we are able to reduce energy expenditures for the common areas of the shopping centre 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.’
The partnership is currently involved in eight projects in New Jersey currently active or under construction, which once all active will generate approximately 1.4 million KWh of solar energy in the first year.
‘PSE&G developed the solar loan programme to help finance the construction of new solar capacity in New Jersey. Not only does this have a positive environmental impact, it also helps New Jersey businesses stay competitive in these tough economic times. We are pleased to have played a role in helping to bring solar to Developers Diversified, together with SunEdison,’ said Susanna Chiu, director of business development for PSE&G.
Developers Diversified owns and manages approximately 665 retail operating and development properties in 44 US states, Brazil, Canada and Puerto Rico.
SunEdison is a US solar energy services provider that finances, installs and operates distributed power plants using proven photovoltaic technologies.
MEMC manufactures and sells solar wafers and related intermediate products to the semiconductor and solar industries. The company has been a pioneer in the design and development of wafer technologies for half a century. With R&D and manufacturing facilities in the US, Europe and Asia, MEMC enables the next generation of high performance semiconductor devices and solar cells. With the acquisition of SunEdison, the company also develops solar power projects.
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