SunEdison has the rights to deploy solar energy systems at more than 200 shopping centers following an agreement with Developers Diversified Realty (NYSE:DDR), a Cleveland-based real estate investment trust (REIT)
SunEdison said the deal covers up to an estimated 30 million square feet, located in 24 states and in Puerto Rico. Potential capacity of the program is up to 259 megawatts (MW), the solar services company said.
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 through the program at rates that are expected to be lower than retail energy rates.
Developers Diversified Realty currently 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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