SunEdison and Developers Diversified Realty Celebrate the Activation of National Rooftop Solar Program
January 20 2010 - 11:50AM
Business Wire
SunEdison, North America’s largest solar energy services
provider, a subsidiary of MEMC Electronic Materials (NYSE: WFR) and
Developers Diversified Realty (NYSE:DDR), the owner, manager and
developer of a dynamic international portfolio of highly valued
shopping centers, today announced the activation of five solar
power projects in Princeton, Hamilton and Union, New Jersey. This
activation is the first phase of Developers Diversified’s national
rooftop solar program.
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 centers throughout the United
States. The five projects in Princeton, Hamilton and Union mark the
first of many in Developers Diversified’s portfolio that are being
considered for solar power generation. Through SunEdison’s REIT
Solar Program, 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
center tenants can benefit by opting to purchase the power
generated through the program.
“There are significant environmental benefits realized 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 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 kilowatt-hours, enough energy to power
over 2,400 homes for one year.
”PSE&G developed the solar loan program 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.
“SunEdison continues to lead the way in delivering solar
solutions to our clients that add value on day one,” said Jaime A.
Smith, Vice President of Sales for SunEdison. “By utilizing the
best technologies, and working with outstanding partners such as
DDR, we can provide innovative solutions that make solar energy
work.”
About Developers Diversified Realty
Developers Diversified owns and manages approximately 665 retail
operating and development properties in 44 states, Brazil, Canada
and Puerto Rico. Totaling more than 147 million square feet, the
Company's shopping center portfolio features open-air,
value-oriented neighborhood and community centers, mixed-use
centers and lifestyle centers located in prime markets with stable
populations and high-growth potential. Developers Diversified is
the largest landlord in Puerto Rico and owns a premier portfolio of
regional malls in and around Sao Paulo, Brazil. Developers
Diversified is a self-administered and self-managed REIT operating
as a fully integrated real estate company. Additional information
about the Company is available on the Internet at www.ddr.com.
About SunEdison
SunEdison is North America’s largest solar energy services
provider. The company finances, installs and operates distributed
power plants using proven photovoltaic technologies, delivering
fully managed, predictably priced solar energy services for its
commercial, government and utility customers. In 2008, SunEdison
delivered more kilowatt hours (kWh) of energy than any other solar
services provider in North America. For more information about
SunEdison, please visit www.sunedison.com
About MEMC
MEMC is a global leader in the manufacture and sale of wafers
and related intermediate products to the semiconductor and solar
industries. MEMC has been a pioneer in the design and development
of wafer technologies over the past 50 years. With R&D and
manufacturing facilities in the U.S., Europe and Asia, MEMC enables
the next generation of high performance semiconductor devices and
solar cells. With the acquisition of SunEdison, MEMC is now a
developer of solar power projects and North America's largest solar
energy services provider. MEMC’s common stock is listed on the New
York Stock Exchange under the symbol “WFR” and is included in the
S&P 500 Index. For more information about MEMC, please visit
www.memc.com.
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