New Hyde Park, NY — Kimco Realty Corporation has installed PV solar energy arrays at retail properties in Bridgewater and Edgewater, N.J.
New Hyde Park, NY — Kimco Realty Corporation has installed photovoltaic (PV) solar energy arrays at its retail properties in Bridgewater and Edgewater, N.J., bringing the company’s portfolio of solar-powered centers in the state of New Jersey to six.
The two PV systems will generate an estimated 1.3 million kilowatts of zero-emission power per year, and are estimated to meet 60% and 80% of the annual energy needs of several major retailers in the centers.
Under Kimco’s corporate responsibility program, the company is pursuing initiatives at its shopping centers that provide a positive environmental impact while reducing costs or generating additional income. Kimco is working on expanding its list of solar-powered centers both within and beyond the borders of the state.
“Responsible initiatives like Kimco’s solar power systems deliver measurable cost savings to our tenants and an environmental benefit to our communities. These efforts resonate positively with our retailers and shoppers, and are increasingly important to our investors,” says Michael Pappagallo, chief operating officer for the company.
Kimco is a member of the U.S. Department of Energy’s Commercial Real Estate AllianceCommercial Real Estate Alliance (CREEA), which promotes technology to reduce the energy consumption and greenhouse gas emissions of the commercial real estate market.
The Bridgewater Promenade is a 242,000-square-foot shopping center owned by the Kimco Income REIT joint venture partnership. Edgewater Commons is a 423,000-square-foot shopping complex in Edgewater, N.J., owned in partnership with an entity of Prudential Real Estate Investors.
Kimco Realty Corporation is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that owns and operates North America’s largest portfolio of neighborhood and community shopping centers. As of Sept. 30, 2011, the company owned interests in 940 shopping centers comprising 138 million square feet of leasable space across 44 states, Puerto Rico, Canada, Mexico and South America. The company has specialized in shopping center acquisitions, development and management for more than 50 years. For more information, visit www.kimcorealty.com.