Regency Centers, (NYSE:REG) a national owner, operator, and developer of
grocery-anchored shopping centers, in partnership with SoCore Energy and
several of its retail partners, is announcing the installation of over
750 KW of rooftop solar photovoltaic systems at Persimmon
Place in Dublin, CA and East Washington Place in Petaluma, CA.
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, Vice President 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.”
There can be a lot of hurdles that pop up which can prevent solar energy
from working in a property type like this, and this structure overcomes
some of the more challenging. 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.
According to the U.S. Energy Information Administration, an average
household uses 911 kilowatt hours per month and the power generated
between these two sites annually will be equivalent to that used by over
100 homes each year. The photovoltaic conversion of solar energy into
electricity is one of the most reliable and widely-used methods of
sustainable energy production in the world. It’s low maintenance,
combined with it’s near limitless source of power make it one of, if not
the, most natural sources of energy on the planet.
“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, vice president 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.”
About Regency Centers Corporation (NYSE:REG)
With more than 50 years of experience, Regency is the preeminent
national owner, operator, and developer of high-quality,
grocery-anchored neighborhood and community shopping centers. The
Company’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. Regency has developed 221 shopping
centers since 2000, representing an investment at completion of more
than $3 billion. Operating as a fully integrated real estate company,
Regency is a qualified real estate investment trust that is
self-administered and self-managed.
SoCore Energy
SoCore Energy (www.SoCoreEnergy.com)
is a market leader in cooperative, commercial and industrial solar
portfolio development. With hundreds of solar solutions designed and
installed across dozens of states, SoCore offers cooperatives, multisite
retailers, REITs and industrial companies portfolio-wide solar and
energy storage solutions that provide energy cost savings and carbon
reduction opportunities. As a wholly owned indirect subsidiary of Edison
International, SoCore combines Edison’s Fortune 500 stability with
entrepreneurial creativity in order to provide energy solutions that our
customers genuinely want and need.
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