January 25, 2010

Princeton, NJ, USA: SunEdison and Developers Diversified Realty Activate Five PV Systems

SunEdison and Developers Diversified Realty, the owner, manager and developer of an international portfolio of shopping centers, have activated 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.

Nassau Park Pavilion Solar Panel Installation, Princeton, NJ

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.”

Further details about: SunEdison