Jacksonville, Fla. — Regency Centers, a national owner, operator and developer of grocery-anchored shopping centers, in partnership with SoCore Energy and several of its retail partners, has installed over 750 KW of rooftop solar photovoltaic systems at Persimmon Place in Dublin, Calif., and East Washington Place in Petaluma, Calif.
Combined, the systems include approximately 2,500 modules and are expected to produce over 1.2 million 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,” says 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, it is 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 minimize the impact our business has on the environment, and to reduce our contribution to climate change,” says 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.”
Regency Centers has a portfolio of 318 retail properties encompassing over 42.8 million square feet located in top markets throughout the United States.
SoCore Energy is a market leader in cooperative, commercial and industrial solar portfolio development. SoCore is a wholly owned indirect subsidiary of Edison International.
SOURCE: Regency Centers