SunEdison-Developers Diversified to Put Solar on Shopping Centers

Developers Diversified Realty recently announced an income-producing solar energy program in partnership with SunEdison, North America's largest solar energy services provider.

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 chief operating officer 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 are 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 vice president of property management.

The realty company owns and manages approximately 720 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, Russia, and Canada, totaling approximately 159 million square feet.

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