Developers Diversified Realty, a real estate investment trust that develops and manages retail properties, has launched an income-producing solar energy program in partnership with SunEdison.
The program will enable Developers Diversified to incorporate solar photovoltaic 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.
Once a PV 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, the company says. Developers Diversified will receive significant rental stream from the program by converting unused rooftop space into a revenue-generating asset.
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