Tuesday, January 24, 2012

Kimco Completes Installation of Two Solar Energy Systems at NJ Shopping Centers

Kimco Realty Corporation (NYSE: KIM) has powered up new rooftop solar installations at two of its retail properties, Bridgewater Promenade and Edgewater Commons, expected to provide 1.3 million kilowatt hours of clean, zero-emission power annually, or approximately 60 to 80 percent of major tenants' needs within each center.
The View Atop Kimco's Edgewater Commons Shopping Center

The Photovoltaic (PV) solar energy arrays are located at its shopping centers in Bridgewater, NJ and Edgewater, NJ. The company, as part of its corporate-wide sustainability program, now owns six solar-powered centers in the state producing more than thee megawatts of energy, equivalent to average usage for 300 households.

Bridgewater Promenade is a 242,000-square-foot shopping center at the intersection of Route 28 and I-287. Edgewater Commons totals 423,000 square feet at New River Road. Both centers are owned by Kimco through joint-venture partnerships.

"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 US Department of Energy's Commercial Real Estate alliance (CREEA) which promotes technology to reduce energy consumption and greenhouse gas emissions across the commercial real estate sector. The firm, a real estate investment trust with more than 940 shopping centers comprising 138 million square feet across 44 states, is looking to expand its sustainability program to other centers in New Jersey and beyond.


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