Regency Centers makes big solar commitment

Regency Centers, in partnership with SoCore Energy and several of its retail partners, is outfitting two of its shopping centers in California with solar photovoltaic systems.

Regency announced the installation of over 750 KW of rooftop solar photovoltaic systems at Persimmon Place, in Dublin, and East Washington Place in Petaluma. Combined, the systems include approximately 2,500 modules and are expected to produce over 1,200,000 kilowatt hours of clean and renewable electricity each year.

“This is a win-win scenario for Regency, our retail partners that are participating in this unique offering, and the environment,” said Mark Peternell, VP of sustainability for Regency Centers. “We generate income from an unused portion of the shopping center roof, and the participating retailers save on their monthly electricity expenses.”

With Regency owning the solar system and the real estate, they are able to offer shorter power purchase agreement terms than more traditional solar developers. Additionally, since Regency maintains responsibility for both maintenance of the solar system and the roof, there is an inherent alignment of incentives to keep both functioning optimally.

“Nordstrom is always looking for opportunities to minimized the impact our business has on the environment, and to reduce our contribution to climate change,” said John Pedrini, VP of Facilities and Energy at Nordstrom. “We’re excited to be a part of this project, which gives us an opportunity to learn more about the benefits of solar-powered energy.”

Regency’s portfolio of 318 retail properties encompasses over 42.8 million square feet located in top markets throughout the United States, including co-investment partnerships.