Cleveland Shopping center developer Developers Diversified Realty announced Wednesday it has partnered with SunEdison, North America’s largest solar-energy provider, to launch an income-producing solar-energy program.
The program will enable Developers Diversified to incorporate solar photovoltaic (PV) systems through a multi-phase deployment at the company's shopping centers, starting with those in California; Colorado; New Jersey; and Puerto Rico.
As part of the long-term partnership, SunEdison has the option to develop solar-energy systems at hundreds of Developers Diversified's shopping centers in the United States and Puerto Rico.
"This program is part of our continued commitment toward sustainability and energy efficiency at our assets," said Daniel B. Hurwitz, president and COO at Developers Diversified. "With a portfolio our size, the impact that energy savings can have on the environment and for our tenants is significant."
Once a system is operational, Developers Diversified will be able to purchase energy for common-area uses. In addition, shopping center tenants can benefit and realize energy savings by opting to purchase the power generated by the solar systems at rates less than retail energy rates. Developers Diversified will receive significant rental stream from the program by converting unused rooftop space into a revenue-generating asset.
"We're excited to announce this energy program, which will enable us to offer predictably priced electricity to our tenants. We are committed to solar wherever it makes economic sense for our tenants," said John S. Kokinchak, Developers Diversified's executive VP, property management.