Jacksonville, FL (April 13, 2016) — 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.
About 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.